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Australia avoids the recession
Citation-ready fact
Australia’s GDP increased by 0.4% in the three months to 31 March
0.4 % · GDP
Citation-ready fact
Australia’s GDP contracted by 0.6% in the fourth quarter, as revised
0.6 % · GDP
Australia’s economy unexpectedly grew in the first quarter of the year, managing to skirt the global recession that has swamped the US, the UK and Japan, as exports and consumer spending went up. GDP went up 0.4 per cent in the three months to 31 March after it contracted a revised 0.6 per cent in the fourth quarter. A jump in consumer spending in Australia helped its GDP grow.
Stocks jumped and currency increased as the news came that Australia had managed to fend off the downturn.
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