Australia’s economy is growing at the fastest annual pace in almost two years as it enters its 27th year of growth without a recession.

ABS data shows that Gross Domestic Product (GDP) expanded 1% in the March Quarter, from an upwardly revised 0.5% in the December Quarter.

Moreover, annual growth jumped to 3.1% from the December Quarter’s 2.4%. The result beat market forecasts of growth of 0.9% for the quarter and 2.8% year-on-year.

The Reserve Bank of Australia (RBA) was upbeat about future economic growth after its policy meeting last week but kept interest rates steady at 1.5% in expectation of a gradual revival in inflation.

Investors suspect interest rates will stay on hold for a long time to come: Interbank futures are not fully priced for a rise until September 2019.

A bumper run in exports was the main driver of the first-quarter acceleration, accounting for half the growth in GDP, while government spending and non-mining investment also helped.

These statistics highlight how, despite what some say, we have continued to see steady growth in the economy over the last two years.

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