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

Please follow and like us:

Leave a Reply

RSS
Follow by Email
Facebook
Twitter