Australia avoids recession with growth in December quarter
00:46, Mar 3, 2017
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Data released by the national statistics bureau reported Wednesday that in annualized terms, GDP surged 2.4 percent, following a 1.8 percent year-over-year gain in the third quarter.
According to the NBS figures, the economy actually performed better overall past year as the growth rate was higher with a contraction at 1.5 per cent than the 1.8 per cent predicted by the International Monetary Fund (IMF), raising the hope that the recession may have bottomed out with the improving trends in several key sectors of the economy of agriculture and mining.
He said the outlook for 2016 is positive, and that the country is in the early stages of recovery.
That makes a mockery of assertions that the economy was heading for recession (after the September quarter's contraction) and claims as late as yesterday on ABC morning TV that the economy had not made the transition from the mining boom and remained too reliant on mining. A decline in real estate, manufacturing, construction and trade weighed most on the non-oil sector, according to the agency.
The central bank has eased rates by 300 basis points since November 2011-including two cuts in 2016-to support growth in non-resources industries. This reduction, according to the NBS, is "largely been attributed to vandalism in the Niger Delta region".
"As a result, the sector contracted by -13.65 per cent; a more significant decline than that in 2015 of -5.45 per cent.
Public and private capital formation both contributed 0.3 percentage points this quarter after both detracted from GDP growth last quarte", the ABS pointed out.
The terms of trade spiked 9.1 percent on quarter and 15.6 percent on year.
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