Aussie GDP numbers deliver a nice 3.1% surprise

The S&P/ASX 200 Index (ASX: JXO) is having a fairly nice day today, up 0.82% at the time of writing to 6,818 points. And understandably so. The Australian Bureau of Statistics (ABS) has just released its economic data, including gross domestic product, (GDP) for the quarter ending 31 December 2020. And it was a pleasing read.

The Australian economy grew by 3.1% over the quarter, in what was a nice beat on expectations. AMP Capital analysts had been expecting a lift of 2.5% for the quarter. Therefore, the 3.1% figure is a very healthy number indeed.

The short but sharp coronavirus-induced recession is now firmly in the rear-view mirror. Household consumption was the largest driver of GDP over the quarter, rising a healthy 4.3%. This…