Mumbai, March 5 -- Australia's economy logged a faster-than-expected growth in the fourth quarter underpinned by exports and government spending, data from the Australian Bureau of Statistics revealed on Wednesday.
Gross domestic product climbed 0.6 percent sequentially in the December quarter, following a 0.3 percent rise in the September quarter. GDP was expected to grow 0.5 percent in the fourth quarter.
On a yearly basis, economic growth accelerated to 1.3 percent from 0.8 percent in the third quarter.
Household spending expanded 0.4 percent sequentially. Spending on essentials such as rent and health continued to be one of the biggest contributors to spending growth. At the same time, growth in government spending moderated to 0.7 p...