World Economy

Australia Seals 25 Years Without Recession

Australia Seals  25 Years  Without RecessionAustralia Seals  25 Years  Without Recession

Australia’s resource-rich economy expanded at its fastest annual pace in four years last quarter, clinching a remarkable run of 25 years without recession as surging exports more than made up for a patchy performance at home, Fortune reported. The local dollar held firm at $0.76 after news gross domestic product rose 3.3% in the year to June, up from around 2.9% the previous quarter. The value of all goods and services rose 0.5% compared to the first quarter, when output climbed by an unusually strong 1%. Growth in the quarter was bolstered by a pre-election spurt in government spending combined with modest gains in household spending and home building. That helped offset another steep decline in mining investment, which has been dragging on the economy for more than three years now. Overall, the Australian Bureau of Statistics estimated annual GDP was worth A$1.65 trillion ($1.26 trillion), or around A$68,929 for each of the country’s 24 million residents.