Commodities Buzz: Australias economy records strong start for year

Australias economy grew 1 percent in the March quarter, led by growth in exports of mining commodities, Australian Bureau of Statistics figures released on Wednesday showed. The increase was twice that of the upwardly revised figure in the December quarter and lifted the annual growth rate to 3.1 percent, above economists forecasts, according to the figures. Mining industry gross value added (GVA) grew 2.9 percent during the quarter, and production of coal, iron ore and liquefied natural gas showed strong increases, the bureau reported. Private non-financial corporations profits also increased by 6 percent in the March quarter, the strongest increase in the past year.