Australia's Q1 GDP betters estimates as expected

Australian economy expanded 1 percent in the first quarter following the fourth quarter's 0.4 percent growth. The actual print bettered estimate of 0.9 percent as expected. The annualized growth rate printed at 3.1 percent, beating the expected figure of 2.8 percent by a big margin. 

GDP Summary (Source: ABS)

• The Australian economy grew by 1.0% in seasonally adjusted chain volume terms in the March quarter.
• Exports of goods and services contributed 0.5 percentage points to GDP growth.
• Compensation of employees increased 1.2%.
• Gross operating surplus increased 4.0%.
• The Terms of trade rose 3.3%.