Australia's economy grows 3.5 percent in Q1

(MENAFN) Australian economy grew by 3.5 percent in the January-March period, beating all economists' expectations, led by a rise in exports and domestic consumption, QNA reported. The country's economic growth in the first quarter was 1.1 percent higher than the previous quarter, while most analysts had forecast a growth of 0.9 percent. "The bulk of this better-than-expected growth has come from net trade, with very strong exports over the quarter and that maps back to the resource sector with very strong shipments of iron ore and coal," an economist said.