Oz economy beats all

Updated on: 03 September,2009 08:07 AM IST |
Khalid A-H Ansari | smdmail@mid-day.com

Posts growth rate of 0.6 % in second quarter

Posts growth rate of 0.6 % in second quarter

The figure for the three months to June means the economy expanded 1.0 percent in the first half of 2009, building on 0.4 percent growth in the January-March period.

AAP quotes Swan as saying that for the year to June gross domestic product (GDP) expanded 0.6 percent, outperforming the world's 33 advanced economies in a "remarkable" result given the fragility of the global economy.

"Today's result means we are the fastest growing advanced economy over the past year, the only advanced economy to have recorded positive growth over the past year," he told reporters.

"When every other major advanced economy has fallen into technical recession, we have not."

Analysts had predicted growth of about 0.2 percent for the quarter after weak export figures were released earlier this week.

Australian prime minister Kevin Rudd attributed the growth to government stimulus spending, saying that without it Australia would be in "the deepest of recessions" and unemployment would be "going through the roof."

But Rudd warned the doubts about the international recovery meant the country could not take its economic good fortune for granted.

"The global economy is not out of the woods yet by a long stretch," he said.

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