The Australian economy grew at its fastest pace in four years last quarter, outpacing much of the developed world’s economies.
That’s great news for anyone thinking of emigrating to Australia from the UK.
Gross domestic product (GDP) rose by 1.2% in the three months to the end of June from the previous quarter, said the Bureau for Statistics. That compares with a contraction of 0.9% in the first three months of the year.
Analysts said demand for resources should help Australia’s economy continue to grow. ”The expectation is for this improvement trend to continue,” said Peter Esho of City Index in Sydney.
Mike Jakeman from The Economist Intelligence Unit said “The latest data will be reasonably encouraging for the government, in the light of the substantial flood-induced fall in the first quarter.
The economy has shown that it has the strength to bounce back from a severe shock. There shouldn’t be too much concern about the fact that net exports remained a drag on growth, as this is owing to the clean up from the floods taking longer than expected. In Australian dollar terms we don’t expect to see much growth in exports for 2011 as a whole, but beyond that, the outlook for Australian commodity exports remains very positive. “
“The government will be most heartened by the resilience of the household sector. For much of this year the media has described highly indebted consumers as very pessimistic about their financial positions, especially in the light of the forthcoming carbon tax.
But household spending on discretionary goods, such as clothes and shoes, and services, such as eating out, was very healthy in the second quarter.
Source: http://www.australiamagazine.co.uk
