Australian economy grows strongly in Q1

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SYDNEY, June 6 (AFP): Australia's economy expanded 1.6 per cent in the March quarter, posting its strongest growth in three years and sending the Australian dollar to a 17-year high, official data released today showed.

The Australian Bureau of Statistics (ABS) figures were much high than market expectations of 1.2 per cent, prompting a rise in the Australian dollar, which rose above 84 US cents for the first time since early 1989 on the news.

The 1.6 per cent quarterly growth rate, up from 1.1 per cent in the previous three months to December, means the Australian economy expanded 3.8 per cent in the 12 months to March.