CANBERRA, Sept. 2 (Xinhua) -- Australia's rate of economic growth accelerated to 0.4 percent in the second quarter of 2026, according to official figures released on Tuesday, beating economists' expectations.
The Australian Bureau of Statistics (ABS) said that gross domestic product (GDP) rose by 0.4 percent in the three months to the end of June, up from 0.3 percent in the preceding March quarter.
On an annual basis, it said that GDP grew by 2.1 percent in the 12 months to June.
The Reserve Bank of Australia (RBA) projected annual GDP growth of 1.9 percent in its latest forecasts released in August, while the Commonwealth Bank of Australia (CBA), the nation's largest consumer bank, on Monday downgraded its growth estimate to 0.1 percent for the quarter and 1.6 percent annually.
Treasurer Jim Chalmers said in a statement posted on social media that the figures show the economy is resilient and robust.
The ABS said that the quarterly growth was a result of strength in pockets of private demand that were serviced through increased imports.
"While increased spending and business investment occurred in pockets of the economy, imports supported much of the growth, moderating its contribution to overall GDP growth," ABS head of national accounts Grace Kim said in a media release.
Imports of goods rose by 2.4 percent over the quarter, driven by a 10.3 percent rise in the purchase of vehicles as Australians continued to transition to electric vehicles. Imports of services fell by 4.9 percent due to the Middle East conflict disrupting international travel.
Exports rose by 0.8 percent as a result of higher coal production following weather disruptions in the March quarter.
The RBA projected in August that annual GDP growth would fall to 1.4 percent in December and remain below 2 percent through 2028. ■