The economic growth of Australia inched up for the first 3 months but the growth rate was slow as compared to the previous quarter. As per the official records, the growth rate was found to be 0.5% more than that of the same period in the previous year.

The growth rate for the first quarter of year 2009 was retooled up to 1.11% which has propelled the nation a growth figure of 2.7% for this year, at the end of March financial season.

However, the GDP growth rate has been impressive. Wayne swan, the Finance minister of Australia has informed that the GDP growth figure can be considered satisfactory. The public investment has also increased in this period of time.

He has also said that such continued growth of the system in production, distribution and consumption is an indicator of the soothing condition of financial success of the nation as compare to the other formulated economies. Australia's economy has managed to stay escaped from the global economic down turn and partially affected by the recession in the year 2009.