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Thursday, February 26, 2009

Good News Alert! Australia May Show Positive GDP

We had to travel around the world for some good economic news, but here it is. Business Day reports:

Companies ramped up plans for spending in the final months of last year, providing enough momentum for the economy to trigger a fresh look at 2008 growth estimates.
Business spending expectations for the three months to the end of December skyrocketed 6%, to $24.8 billion, seasonally adjusted, from an upwardly revised 1.6% rise in the September quarter, the Australian Bureau of Statistics said.

''This will provide vital support to fourth quarter GDP growth,'' said ANZ economist Katie Dean. ''Australia may well avert a negative read.''

''Today's data will prompt forecasters to rush to upgrade expectations for fourth quarter GDP growth,'' she said.