AUSTRALIAN IMMIGRATION NEWS

Australian economic growth in the face of global recession

Friday, 5 June 2009

Figures released by the Australian Bureau of Statistics on the second of June indicate positive news for the Australian economy showing economic growth in the first quarter of 2009.

In the three months leading to March 31 gross domestic product rose 0.4 percent. Australia hence has so far managed to avoid the global recession that has swamped majority of world’s leading economies.

Exports and consumer spending increased, stocks rose and the Australian currency jumped to the highest level in eight months with the Australian dollar reaching 82.40 U.S. cents on the 1st of June.

Further positive news includes new homes sales gaining for a fourth month and building approvals increasing twice as much as economists forecast in April.

This growth in the economy has been fuelled in part by increased consumer spending which advanced 0.6 percent in the quarter, adding 0.3 percentage points to GDP. Retail sales rose in the first quarter and again in April. Increased exports, which jumped 2.7 percent also made a significant contribution. Rural exports, rose to 18.3 percent thanks to the biggest wheat crop in three years. This surge in agricultural exports is also thought to be behind Australia’s current account deficit narrowing in the first quarter.

These encouraging figures confirm that Australia is one of only a few economies, including China and India, that expanded in 2009.

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