The Australian economy’s recovery impressed economists since the final months of 2020. This fast pace reflected on its primary economic indicators released fresh midweek.
In the latest data from the Australian Bureau of Statistics, the country’s output rose by 3.2% for the period covering September to December. Such a result is significantly higher than the figures released earlier, showing a 1.8% advance for the period.
Meanwhile, in a more recent milestone, the gross domestic product data showed that it managed to carry the upward momentum.
The Antipodean nation’s first-quarter GDP recorded another 1.8% gain. The actual figure is higher than the average economists’ consensus, which came at 1.5%.
The successive good news consolidated a positive momentum on the country’s annual output, which rose by 1.1%.
The indicator brought in $408.05 billion into the economic circulation, showing a full-circle recovery from last year’s recession.
For the record, Australia suffered from its first major recession in so long after the pandemic penetrated its waters.
During the same time a year ago, it suffered from a negative $468.30 billion in annual output as business activity came to an unexpected halt.
Economists highlighted that Australia has already made it past the pre-pandemic level of growth. It is now one of the few global catalysts that succeeded in making its economy bigger than before the health crisis.
This, it has done, despite the ongoing uncertainty crippling around its corners. Since last week, its major business districts, namely Victoria and Melbourne, reported a fast uptick in local transmissions.
The latter resorted to the extension of its week-long lockdown until June 10 to curb the spread of the virus.
Good News for Australian Farmers
Meanwhile, it was not only the pandemic that the government had to attend to during the height of its economic malfunction.
For the record, Australia and China severed trade ties with one another after the former supported the probe on the origin of COVID-19.
Australian farmers suffered a heavy blow from the riffraff. The Chinese population is one of the biggest commanders of demand in the market, given their humongous collective number, thus denting 1.3% in its entire GDP.
Farmers suffered during the first months of the trade ban. Nevertheless, some good signs are now starting to emerge.
Australia has found new recipients of its products, particularly for barley, seafood, wine, commodities, and otherwise.
India emerged as one of the biggest recipients of Aussie coal. At the same time, its neighbor New Zealand ramps up iron ore orders.