Australia's economy exhibited remarkable resilience in the fourth quarter of 2024, with the Gross Domestic Product (GDP) growing by 0.6% quarter-on-quarter. This figure, released by the Australian Bureau of Statistics on Wednesday, surpassed analysts' predictions of a 0.5% increase and marked an improvement from the 0.3% growth recorded in the third quarter. The report underscores a robust economic environment as the year concluded, despite global uncertainties.
The publication of the GDP figures comes amid a dynamic currency market landscape. On Tuesday, the EUR/USD currency pair saw a significant surge, climbing 1.4% and adding 140 pips in a single trading session. This movement was largely attributed to market reactions following expectations that U.S. President Donald Trump might retract his tariff threats, leading to a sell-off of the U.S. Dollar.
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The outperforming GDP data highlights Australia's economic fortitude as it closes out 2024. The figures reflect a positive trajectory for Australia's financial landscape, supported by various sectors driving growth. Economists and market analysts are now focusing on how these trends will influence future economic policies and investment opportunities.