Breaking News         Latest US News              New York News              Fx Tribune

How to Become a Profitable Forex Trader in 2018
CaptionCloseCANBERRA, Australia (AP) — Australia's economy expanded at a faster-than-expected 1.1 percent annual pace in the final three months of last year, as resurgent coal and iron ore prices helped the country avoid recession.Had the economy shrunk...

Australia avoids recession with growth in December quarter

CaptionCloseCANBERRA, Australia (AP) — Australia's economy expanded at a faster-than-expected 1.1 percent annual pace in the final three months of last year, as resurgent coal and iron ore prices helped the country avoid recession.Had the economy shrunk...

Australia avoids recession with growth in December quarter

Caption

Close

CANBERRA, Australia (AP) — Australia's economy expanded at a faster-than-expected 1.1 percent annual pace in the final three months of last year, as resurgent coal and iron ore prices helped the country avoid recession.

Had the economy shrunk for the December quarter in Australian Bureau of Statistics figures released on Wednesday, Australia would be in its first technical recession since 1991.

The growth followed a shock 0.5 percent decline for the September quarter.

Growth for the calendar year was 2.4 percent, up from 1.8 percent for the year through September.

Mining and agriculture saw relatively strong growth in the latest quarter. Iron ore and coal are Australia's biggest exports and reduced demand from China has cooled a mining boom and hurt the Australian economy.

Treasurer Scott Morrison welcomed a 2 percent increase in business investment in December —the first rise after a dozen quarters of decline.

"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," Morrison told reporters, referring to the 35-nation Organization for Economic Cooperation and Development.

The September quarter was Australia's first quarter of economic contraction since early 2011.

Treasury Department secretary John Fraser told a Senate committee on Wednesday the fundamentals of the economy were "sound, but finely balanced."

The September quarter showed the economy remains sensitive to shocks, Fraser said.

Our editors found this article on this site using Google and regenerated it for our readers.

Breaking News Headlines

banner30
Five simple steps to trade the options like a pro
Five simple steps to trade the options like a pro
How to Become a Profitable Forex Trader in 2018
How to Become a Profitable Forex Trader in 2018
Away From the US? Here are 5 Places You Can Still Watch the Super Bowl
Away From the US? Here are 5 Places You Can Still Watch the Super Bowl
Venus Williams' Phone Records Will Be Subpoenaed in Wrongful Death Case
Venus Williams' Phone Records Will Be Subpoenaed in Wrongful Death Case
4 Things You Need to Understand About DUI Charges
4 Things You Need to Understand About DUI Charges
Top 6 Facts You Should Know About Muay Thai
Top 6 Facts You Should Know About Muay Thai
Half a hundred injured in a train wreck in Germany
Half a hundred injured in a train wreck in Germany
A Democratic congressman announces his immediate withdrawal from allegations of sexual harassment
A Democratic congressman announces his immediate withdrawal from allegations of sexual harassment
27,000 evacuated by a massive fire in southern California
27,000 evacuated by a massive fire in southern California
Liberated in Ukraine The Georgian former President Saakashvili
Liberated in Ukraine The Georgian former President Saakashvili
Trump orders the largest reduction in natural reserves in American history
Trump orders the largest reduction in natural reserves in American history
Trump orders in Utah the largest reduction in natural reserves in American history
Trump orders in Utah the largest reduction in natural reserves in American history
POLLS Results ALL
Who is the most powerful actor in Syria

banner31
Front Pages
  • The Sun
NEWS ARCHIVES