Australian economy continues recovery

Canberra, March 3 : Data released by the Australian Bureau of Statistics (ABS) on Wednesday revealed that the country’s economy has continued to recover from the Covid-19 crisis.

According to ABS, Australia’s gross domestic product (GDP) grew by 3.1 per cent in the December quarter while the growth figure for the September quarter was revised up from 3.3 to 3.4 per cent, reports Xinhua news agency.

It marks the first time in the 60-year history of the national accounts that Australia’s GDP has grown by more than 3 per cent in consecutive quarters.

However, the economy still contracted by 1.1 per cent over the calendar year after the pandemic caused a record 7 per cent fall in GDP in the June quarter and sent Australia into recession for the first time since 1991.

Treasurer Josh Frydenberg said the recovery was proof that the economy could survive the phasing-out of the government’s economic stimulus measures.

“Today’s national accounts show that the Australian economy is strengthening, and the government’s economic recovery plan is working,” he told reporters.

“What is particularly pleasing in today’s numbers is that as our emergency support is tapering off, the private sector is stepping up. In the December quarter, direct economic support from the Federal Government halved, yet at the same time, the economy grew by 3.1 per cent.”

Household spending rose by 4.3 per cent nationally in the final quarter of 2020 and by 10.4 per cent in Victoria after Melbourne’s strict coronavirus lockdown ended.

Disclaimer: This story is auto-generated from IANS service.

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