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Australia's Q2 GDP growth misses forecasts but shows fastest expansion in 4 years

Flag of Australia on a beach
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Australia's economy expanded at the fastest annual pace in four years last quarter to clinch a remarkable run of 25 years without a recession.

The local dollar held steady after the Australian Bureau of Statistics reported gross domestic product (GDP) rose 3.3 percent in the year to June, just short of market forecasts but up from around 2.9 percent the first quarter.

The value of all goods and services rose 0.5 percent in the second quarter compared to the first quarter, a shade under forecasts of a 0.6 percent increase.

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