The momentum gained by the economy of Australia in the concluding quarter of 2016 resulted in the nation extending its recession free streak to 25 years, an ample proof that it is a resource-rich economy.
Netherland is just one quarter ahead of Australia for being the nation in the modern era possessing economic growth without a break.
Though there was a marginal slump in the economy of Australia in the third quarter of 2016, the annual growth figures were hiked to 2.4% owing to the 1.1% surprise rise. Strong consumer spending and exports were largely responsible for the recovery in the growth rate. The last quarter of 2016 witnessed a huge growth in the agriculture and mining sectors.
Since 1991, the Australian economy has not experienced a recession, which means it never had two consecutive quarters of negative growth rate. The Dutch record for the period 2008 to 1982 is just one-quarter head of the Australian record, quotes BBC.
The two percent growth in business investment in the last month of 2016 was greeted by the Australian Treasurer Scott Morrison, which was also the first hike after several quarters of a slump.
Scott Morrison also added that the growth rate in Australia remained above the average in OECD which is a confirmation of the successful modification that is being witnessed by the economy of Australia.
It has been affirmed by the analysts in ANZ that the statistics are a confirmation of the fact that the marginal slump in the Q3 of 2016 was provisional unaffecting the strong momentum of the Australian economy.
Chief Australian economist of Capital Economics, Paul Dales also elaborated by saying that the nation’s economy was firm on the growth track. The last quarter of 2016 that witnessed a revival in growth rates also affirms the anticipation that the hike in process of commodities will also lead to fast recovery, added Dales.
BBC also reported AMP Capital’s Shane Oliver as saying that there has been a fast rise in the export percentage and the commodity prices are also witnessing a big recovery. The prospect for the next year stands very brightly, added Mr. Oliver.
The approximation of the Central Bank of Australia indicates that the year 2017 would witness an economic growth of 3% owing to the surge in prices of commodities.
Y-Axis Australia team includes process consultants and RMAs who facilitate applicant immigrants with issues related to immigration and visas. Our team works in collaboration with the India’s National Processing Center in Hyderabad to offer services to the clients.
The services offered by Y-Axis Melbourne include assistance and legal advice for immigration by Registered Migration Agents, Job Search Service, and Visa Assistance.
If you are looking to Study, Work, Visit, Invest or Migrate to Australia, contact Y-Axis, the world’s most trusted Immigration & Visa Consultant.