AFP, Sydney :
Australia’s economy rebounded strongly in the December quarter, growing 1.1 percent to dodge a technical recession on the back of buoyant exports, government investment and household spending, data showed Wednesday.
The stellar bounceback followed a shock contraction of 0.5 percent 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 percent in the previous quarter.
Analysts had been expecting quarterly growth of 0.8 percent 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.
Australia’s economy rebounded strongly in the December quarter, growing 1.1 percent to dodge a technical recession on the back of buoyant exports, government investment and household spending, data showed Wednesday.
The stellar bounceback followed a shock contraction of 0.5 percent 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 percent in the previous quarter.
Analysts had been expecting quarterly growth of 0.8 percent 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.
