I'm noticing where I work that things seem to have been improving quite a bit recently. It makes me wonder if the worst of the GFC is now past us. The share market
seems to be steadily rising and some economic figures are pointing at a recovery. What do you think and how is it looking where you work?
Australia avoids recession as GDP grows in first quarter | The Australian
Scott Murdoch | June 03, 2009
Article from: The Australian
AUSTRALIA has avoided a recession after a surprise burst in the nation's trade surplus saved the economy from negative growth.
In its National Accounts, the Australian Bureau of Statistics revealed today that the economy for the March quarter grew by 0.4 per cent.
There was expectation in financial markets ahead of the numbers that the economy would have escaped a recession after a surge in exports last quarter.
The result comes after the December-quarter contraction, when the economy shrank by 0.6 per cent, a slight downward revision from figures released earlier this year.
Australia has avoided a technical recession, which is defined as two consecutive quarters of economic contraction. The economy last suffered a recession almost two decades ago.
The majority of economists had expected today's March quarter figures to show a return to positive growth after the better than expected current account numbers published yesterday.