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Australia enjoys recovery like no other
The Australian economy has enjoyed its strongest performance in history over the past six months as it recovers from last year’s recession.
Treasurer Josh Frydenberg said the December quarter national accounts confirmed that a strong, broad-based recovery was under way.
The economy grew by 3.1 per cent in the final three months of 2020, much stronger than 2.5 per cent expected by economists, and followed an upwardly revised 3.4 per cent in the September quarter.
“This is a very encouraging performance from the Australian economy, given the economic abyss that we were staring into at the peak of this crisis,” Mr Frydenberg told reporters in Canberra on Wednesday.
Looking good: A file picture showing an employee handing change to a customer at a shopping outlet. The economy accelerated 3.1% in the three months to December, according to data from the Australian Bureau of Statistics. Bloomberg
SYDNEY: Australia’s economy expanded at a much faster-than-expected pace in the final quarter of last year and all signs are that 2021 has started on a firm footing too helped by massive monetary and fiscal stimulus.
The economy accelerated 3.1% in the three months to December, data from the Australian Bureau of Statistics showed, higher than forecasts for a 2.5% rise and follows an upwardly revised 3.4% gain in the third quarter.