SYDNEY (Reuters) – Australia’s economy rebounded sharply in the third quarter from a coronavirus-induced contraction, official data showed on Wednesday, as massive monetary and fiscal stimulus boosted household consumption.
The economy expanded by 3.3% in the three months to September, data from the Australian Bureau of Statistics (ABS) showed. Economists in a Reuters poll had forecast a 2.6% rise after a 7% contraction in second quarter.
On an annual basis, gross domestic product (GDP) still shrank 3.8%, suggesting policy support will still be needed for the A$2 trillion economy.
(Reporting by Swati Pandey; Editing by Ana Nicolaci da Costa)
