Economy firms up through Australian retail sales

Austin News.Net
Tuesday 31st August, 2010

In a solidly optimistic sign, Australia retail sales have risen, to give surprisingly strong figures for July.

Consumption in the country has been stronger than expected, putting the third quarter on a positive footing.

Analysts have said the latest sales data supports the Reserve Bank of Australia’s confidence that the country has responded well to stimulus measures.

The stronger-than-expected rise in sales in July followed an upwardly revised increase in June.

Australia’s current account deficit recently shrank to an eight-year low in the second quarter as exports of iron ore and coal boomed, underpinning the economy which has grown by a brisk 1 percent in the quarter.

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