Australia economy bounces back

AFP, SYDNEY:   Australia’s economy rebounded strongly in the December quarter, growing 1.1 per cent to dodge a technical recession on the back of buoyant exports, government investment and household spending, data showed yesterday.
The stellar bounce back followed a shock contraction of 0.5 per cent in the three months to September—the worst result in eight years, largely due to bad weather hampering construction and mining. The Australian Bureau of Statistics said the annual rate of growth was a faster-than-expected 2.4 percent, from 1.8 per cent in the previous quarter.
Analysts had been expecting quarterly growth of 0.8 per cent and annual expansion of 2.0 percent. It meant Australia, which is transitioning from a mining investment boom to broader growth, avoided a technical recession—when the economy goes backwards for two quarters in a row.
“Our growth continues to be above the OECD average and confirms the successful change that is taking place in our economy as we move from the largest resources investment boom in our history to broader-based growth,” said Treasurer Scott Morrison.
“While this growth result is welcome, we must continue to remember that our growth cannot be taken for granted and is not being experienced by all Australians in all parts of the country in the same way.”

Australia economy bounces back

AFP, SYDNEY: Australias economy rebounded strongly in the December quarter, growing 1.1 per cent to dodge a technical recession on the back of buoyant exports, government investment and household spending, data showed yesterday. The stellar bounce back followed a shock contraction of 0.5 per cent in the three months to Septemberthe worst result in eight years, largely due to bad weather hampering construction and mining. The Australian Bureau of Statistics said the annual rate of growth was a faster-than-expected 2.4 percent, from 1.8 per cent in the previous quarter. Analysts had been expecting quarterly growth of 0.8 per cent and annual expansion of 2.0 percent. It meant Australia, which is transitioning from a mining investment boom to broader growth, avoided a technical recessionwhen the economy goes backwards for two quarters in a row. Our growth continues to be above the OECD average and confirms the successful change that is taking place in our economy as we move from the largest resources investment boom in our history to broader-based growth, said Treasurer Scott Morrison. While this growth result is welcome, we must continue to remember that our growth cannot be taken for granted and is not being experienced by all Australians in all parts of the country in the same way.