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Australian economy bounces back

Australia’s economy grew at its fastest quarterly pace in almost two years in the fourth quarter of 2009, confirming its place as one of the strongest growing countries globally and ramping up pressure on the Government to rein in economic stimulus at a faster clip.

Australia’s average measure of GDP rose 0.9 percent in the fourth quarter of 2009 from the third quarter, and was up 2.7 percent from the year-earlier period, the Australian Bureau of Statistics said on 3 March. Economists on average had forecast GDP to rise 0.9 percent on a quarterly basis and 2.4 percent from a year earlier. It was the fastest quarterly growth since the first quarter of 2008.

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(Source: The Wall Street Journal Online)