Australia’s economy grew by 0.5 percent in the June quarter, with an upswing in government spending offsetting a fall in net exports as the nation marked 25 years of unbroken economic expansion. / AFP PHOTO /
SYDNEY, Australia (AFP) — Australia’s economy rebounded strongly in the December quarter, growing by 1.1 percent to avoid a technical recession on the back of buoyant exports and consumer spending, data showed Wednesday.
The stellar bounceback followed a shock contraction of 0.5 percent in the three months to September — the worst result in eight years.
The latest Australian Bureau of Statistics data put the annual rate of growth at 2.4 percent, from 1.8 percent in the previous quarter.