Australia goes 25 years without recession

Australia’s economy gained momentum in the last quarter of 2016, allowing the resource-rich economy to extend its 25-year streak without recession.

It brings the country close to breaking the Netherlands’ record of modern-era uninterrupted economic growth.

Australia’s economy had contracted in the third quarter but the surprise 1.1% rise pulled the annual figure back to a 2.4% growth rate.

The recovery was attributed largely to strong exports and consumer spending.

Mining and agriculture enjoyed relatively strong growth in the three months to December.

THEO

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