China’s economy has been undergoing a tough transition, with a fall in value and lower economic growth. Throw in the weak performance of the Shanghai Composite Index last month and you have yourself a ripple effect waiting to happen. Well, that is what was estimated for our economy.
However, despite predictions, the Australian Bureau of Statistics announced that the economy grew at an annualised rate of 3% in the fourth quarter of 2015. For those who are following the trend, this marks the 98th straight quarter that our economy has avoided recession.
Top reasons why we’re winning
- Household consumption expenditure increased by 0.8%
- Service industry growths in media and telecommunications (2.7%) and retail trade (1.0%)
- Government final consumption expenditure increased by 0.7%
- Public gross fixed capital formation increased by 6.0%
Closing in on that world record
Currently, Netherlands hold the developed-world record for the most consecutive quarters without recessions with 103. This was halted by the GFC in 2008. It will be interesting to see if Australia can sustain this performance in the near future with the volatility in the markets and the slumping of the Chinese economy.
Do you think we can get there? Share your thoughts.