Over last several months, everyone was concerned about the effect of US presidential election on Australian economy. However, the country has recently reported 103rd consecutive quarter of economic growth.
Official data of the economic growth have shown that the country have gone through 26 years without any kind of recession. Despite the latest growth, Australian economy has grown only 0.3 percent in last reported quarter to take the annual rate to 1.7 percent which is slowest since 2009.
Economists have said that the latest slowdown of the economy is largely due to reduced prices in iron ore, copper, and coal.
Talking about the economic growth, AMP Capital Investors chief economist Shane Oliver said, “I felt a sense of relief that the number was positive. There is no denying that the Aussie economy has slowed down over the course of the last year. So it’s a relief that it’s a positive number.”
On the other hand, New Zealand have had better growth rate as the country has averaged more than 3 percent of economic growth over last several years.
Featured Image: Flickr/Hai Linh Truong