The Australian economy has risen by 1.1 per cent for the March quarter, exceeding previous expectations.

In a report released by the Australian Bureau of Statistics, figures showed Australia’s GDP rose 3.1 per cent through the year – compared to expectations by economists surveyed by Bloomberg who predicted an annual growth of 2.8 per cent.

The report said the major driver of economic growth came from a surge in export volumes which contributed 1 percentage point out of the 1.1 percent quarterly growth.

Household consumption also added a more-than-expected economic development, contributing 0.4 percentage points.

Other contributors to growth include service based industries; finance, retail trade, accommodation and food services, and arts and recreation.

– TiVi Tuan-san