Australia economy marks record 26 years recession-freeJune 7, 2017 - 12:50 AMT PanARMENIAN.Net - Australia marked a world-record 26 years without a recession Wednesday, June 7 after official figures showed another quarter of economic expansion, but analysts warned of uncertain times ahead as growth slows, AFP reports. The reading beat expectations, with some analysts predicting a contraction following a category four cyclone in late March as well as weak trade figures and tepid wages growth. The economy grew 0.3 percent in the three months to March for an annual rate of 1.7 percent, the Australian Bureau of Statistics said. However, while the annual rate was above forecasts -- lifting the Australian dollar -- it was well down from 2.4 percent in the previous quarter. "In the context of the past few years, it is still a fairly weak outcome," JP Morgan economist Tom Kennedy told AFP of the latest figures. "The real issue is that consumption is still pretty soft even though the saving rate fell... and (capital expenditure) was flat, still not doing anything. "That's really important for the Australian economy so the domestic drivers of growth in Australia are still pretty underwhelming." Australia last recorded two negative quarters of economic growth in March and June 1991, before enjoying 103 quarters without a recession to equal the record run set by the Netherlands, which ended in 2008. Australia has also benefited from China's economic growth and hunger for natural resources, which led to an unprecedented mining investment boom and record commodity prices. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Lemkin Institute petition seeks release of Armenians in Azerbaijan The Lemkin Institute is deeply concerned about the continued illegal detention of political prisoners from Karabakh in Azerbaijan. Armenian Catholicos calls for national unity against threats Karekin II issued a message on Republic Day marking the anniversary of the First Armenian Republic. Pashinyan: Armenia’s desired goal is “on the horizon” Prime Minister Nikol Pashinyan has said that Armenia is moving forward “without interruption”. Opposition leader, supporters spend night at Sardarapat memorial Police made nearly 300 arrests the day before as Galstanyan and his supporters continued to demonstrate in Yerevan. |