Australia is nearing a world record for the longest period of continued economic growth in today’s modern market.
The Australian Bureau of Statistical figures show that the country’s GDP (gross domestic product) increased by 0.6% in the first quarter of 2016 and 3.4% overall so far to June. This figure is the fastest increase in 4 years and marks the 25th year the economy has been recession-free.
Economists state that such figures could be a result of the economy rebalancing better than expected after the mining boom.
In spite of growth controlled by government spending and exports; the economy has seen only moderate gains in consumption and housing, which is real indicator of quality of life. However it’s exactly this versatility of influencers that has given Australia 25 years of continuous economic growth which is great.