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Economy

Australia's economy holds up better than expected in Q1

GDP quarterly gain of 0.8% for March period beats market forecast

A view of Sydney's Central Business District and surroundings. Australia's annual growth ticked down to a still-solid 3.3%, from 4.2%.   © Reuters

SYDNEY (Reuters) -- Australia's economy held up better than expected in the first quarter as strong domestic demand offset the drag from dismal weather and a flood of imports, setting the scene for more inflation-fighting hikes in interest rates.

Data from the Australian Bureau of Statistics out on Wednesday showed gross domestic product (GDP) rose 0.8% in the March quarter from the previous quarter, topping market forecasts of a 0.5% gain.

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