The Australian economy recorded a growth in gross domestic product in the second quarter ending in June, according to the estimates of the Australian Bureau of Statistics released this morning, Wednesday, by about 0.7%, compared to an increase of about 1.9% in the revised reading for the first quarter and better than the market expectations, which indicated an increase of 0.5%, to increase growth by about 9.6% over the course of the year from the second quarter of 2020 to the second quarter of 2021.

In details, the rate of trade exchange rose to the highest level in history by about 7% in the second quarter, while the household spending rate increased by 1.1%, while spending on services increased by 1.3%, and the cafes and restaurants sector recovered by about 2.2% with the increase in tourism activity.

The Australian economy was not affected by the prolonged closures imposed by the Australian government in the recent period, as the closures in Sydney and Melbourne, the two largest cities in Australia, are expected to affect the third quarter data.

The Australian dollar is trading at an increase of more than 30 points against the US dollar, with the beginning of the European session for today’s session, at 0.7345 levels.