Posted September 13, 2018 07:05:57 A new study by the Australian Bureau of Statistics (ABS) has found that Australia’s economy is in a more robust and stable condition than previously thought.
Key points:The new ABS study says the economy is stronger than expected in 2017, but has remained more fragile than expectedThe economic outlook has remained positive in the last yearThe analysis also shows Australia is in “a new normal”The economic forecast is based on a series of key indicators and the outlook for the next six months is more optimistic than the one used in 2018, the ABS said.
In the report released on Thursday, the bureau found Australia’s gross domestic product (GDP) increased by 5.5 per cent in 2017 to $1.5 trillion.
“The economy has recovered from the shock of the election, which saw the Australian dollar collapse to a record low, and from the fallout from the global financial crisis,” the report said.
“However, the economy remains fragile and the country is still experiencing the aftermath of the global economic slowdown.”
This is the most severe economic downturn since the Great Depression, and this is also the longest since World War II.
“The ABS said that despite the recovery in the economy, there was still a long way to go.”
There is still significant uncertainty about the future,” the bureau said.
The agency said the unemployment rate has remained at 6.1 per cent for three months, which is lower than the peak rate of 9.9 per cent seen in June.”
While the recovery is underway, the unemployment rates in Australia are still high compared to other advanced economies, and are significantly higher than the OECD average,” it said.
Australia’s economic outlook is now in a “new normal”, according to the ABS.
Topics:economy-and-finance,business-economics-and.dispatch,people,australiaFirst posted September 13 (2018 05:42:00)