Since June of 1991, Australia hasn’t dealt with a single recession, a marked difference from the rest of the world that’s suffered through multiple ups and downs over the last quarter century.
Australia released its latest gross domestic product numbers Wednesday, surpassing expectations by posting growth of 0.9% in the third quarter, which pushed its annual growth rate to 2.5% for the year. Economists had been expecting quarterly growth of 0.8% and the annual rate to tick up to 2.4%. That continued the nation’s 25-year run of avoiding an economic recession, which is defined as two consecutive quarters of negative economic growth.
The largest growth driver for Australia last quarter was exports. Domestic goods and services sent abroad rose 4.6%, adding a full percentage point to the annual expansion figure. Meanwhile, imports dropped, even further boosting growth. The figures help soothe worries that China’s economic woes will spread into nations surrounding the world’s second-largest economy, at least for now.