CANBERRA, June 2 (Xinhua) -- Australia's economy has rebounded from the coronavirus pandemic back to the size before that.
According to national accounts data published by the Australian Bureau of Statistics (ABS) on Wednesday, Australia's gross domestic product (GDP) grew by 1.8 percent in the first three months of 2021.
The economy grew by 1.1 percent over the past 12 month. It means the Australian economy is bigger than the previous level by 0.8 percent.
According to the Deloitte Access Economics, quoted by the Australian Broadcasting Corporation (ABC), Australia is one of six countries with an economy bigger than it was prior to the coronavirus pandemic along with China, Chile, Romania, Lithuania and South Korea.
Media report by the ABS said domestic final demand contributed 1.6 percentage points to GDP growth. "Private investment contributed 0.9 percentage points and household final consumption expenditure contributed 0.7 percentage points," it said.
"Families are spending locally, and businesses continue to invest, making the most of record-low interest rates and tax offsets," said Deloitte Access Economics partner Kristian Kolding.
"Meanwhile, government stimulus is becoming a much smaller driver of growth than it was last year."
The national terms of trade, which measures the ratio of export prices to import prices, rose 7.4 percent to its highest level since 2011 amid high global demand for iron ore and liquefied natural gas (LNG). Enditem
