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AUSTRALIAN ECONOMY SURGES AHEAD IN 2003.
SYDNEY, March 1 Asia Pulse - Australia's economy powered ahead in 2003, with one survey estimating that gross domestic product (GDP) was likely to have grown by 1.5 per cent in the December quarter.
The AAP economic indicator for February shows that the annual rate of GDP is likely to be 3.8 per cent.
The year featured a turnaround in net exports and strong demand in consumer confidence likely to have driven momentum in the December quarter.
This compares to a 1.2 per cent growth rate in GDP for the September quarter, for an annual lift of 2.6 per cent.
The Australian Bureau of Statistics will publish December GDP data on March 3.
AAP chief economist Garry Shilson-Josling said the strength in housing and consumer spending, along with smaller contributions from business investment and exports, most likely pushed the economy into another quarter of solid growth.
"GDP growth was probably faster than the 1.2 per cent rise of the preceding three months," he said.
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