Australia's economy forecast to expand

Austrlian economy has continued to expand despite uncertain global conditions, and partially thanks to Asia's demand for commodities, government data showed. The Australian economy rose 0.6 percent in the quarter to March and 3.1 percent over the year to March 2013. The Australian Trade Commission (ATC) said the figures showed the country's economic resilience, with a recorded annual average real GDP growth of 3.3 from 1992 to 2013, driven by an annual growth rate of 7 percent in private business investment and 5 percent for exports. Household consumption, which makes up more than half of the nation's economy, also grew by 0.6 percent in the March quarter and 2.9 for the year ending March 2013. Australia's total value of GDP currently rests at around 1.5 trillion AU dollars (1.38 trillion U.S. dollars), making it the fourth largest economy in the Asian region. While the mining sector remains the largest contributor to Australia's national output, generating 10.7 percent of real gross value added in 2013. The ATC added that an increasing focus on services and high-tech industries has helped Australia to diversify and modernise its economy. Service sectors made up almost 80 percent of real gross value in 2013 -- lead by the financial and insurance services sector, followed by the professional, scientific and technical industries and education and training. Australia's growth is expected to continue to rise, with the International Monetary Fund forecasting an annual average GDP growth of 3.1 percent between 2013 and 2018 -- the highest forecast among major advanced economies.