Tags: AS | Australia | Economy

Australia Avoids Recession with Growth in December Quarter

Tuesday, 28 February 2017 10:27 PM EST

CANBERRA, Australia (AP) — Australia has reported a faster-than-expected 1.1 percent expansion in the final three months of last year, as resurgent coal and iron ore prices helped the country avoid recession.

Had the economy shrunk for the December quarter in Australian Bureau of Statistics figures released on Wednesday, Australia would be in its first technical recession since 1991.

The growth followed a shock 0.5 percent decline for the September quarter.

Growth for the calendar year was 2.4 percent, up from 1.8 percent for the year through September.

Mining and agriculture were among the industries with the highest growth in the latest quarter. Iron ore and coal are Australia's biggest exports and reduced demand from China has cooled a mining boom and hurt the Australian economy.

© Copyright 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Asia
Australia has reported a faster-than-expected 1.1 percent expansion in the final three months of last year, as resurgent coal and iron ore prices helped the country avoid recession.Had the economy shrunk for the December quarter in Australian Bureau of Statistics figures...
AS,Australia,Economy
125
2017-27-28
Tuesday, 28 February 2017 10:27 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved