The Australian economy recorded a growth in GDP growth by about 3.4% in the fourth and final quarter of last year 2021 that ended in December, compared to a decline in growth in the third quarter by about -1.9%, while expectations indicated a growth of about 3.5%, on an annual basis.

The total will reach 4.2% in 2021. This improvement in the Australian economy was supported by the exit of the states of New South, Wales and Victoria from the recent closures last October, while the emergence of the Omicron variable in the second half of December had no significant impact on GDP growth.

The issued report showed that the household spending rate contributed significantly to the improvement of the GDP, as household spending rose by 6.3%, adding 3.2% to the quarterly GDP.

The Australian dollar is trading at 0.7270 levels against the US dollar, up about 20 points since the beginning of the session.