Australia is among the ten countries – Economic Leaders'

14 February, 2010

  

  

Australia is among the top ten countries, financial position which has been one of the most stable, in a crisis,as evidenced by numerous macro-economic data.

In particular, unexpectedly declined in June, the country's trade deficit. So, He declined to 441 млн. австралийских долларов ($372 млн.) with 73millionнAustralian dollarsв, recorded in May s.g.

The data obtained were a pleasant surprise for analysts, waiting for a negative trade balance of country-level 800 million. Australian dollars.

The main positive impact on this positive trend has had an increase in exports, which grew by 2% in June to 20,4 billion. Australian dollars. Deliveries of gold rose sharply in the 17%, and grain exports increased by 15%.

In addition, Australia successfully avoided economic recession in the I quarter 2009. through the actions of government, which lowered interest rates to stimulate consumer spending. So, last quarter, Australia's GDP growth was 0,4% a quarterly basis at the time, as in the IV quarter of last year, GDP fell by 0,6%.

In addition, support of the Australian economy, the government has, which provided 12 млрд. Australian dollar. ($10 млрд.) through loans to households this year, and promised to allocate more $22 млрд. for road construction, railway infrastructure, ports and hospibillion

The Central Bank of the country previously lowered the refinancing rate to 49-year low, and at the end of last week, said, that his next step, likely, will focus on raising interest rates.

So, growth in consumer and business confidence and better, than expected, The situation on the labor market, «reduce the likelihood of» of, that the minimum over the past 49 year rate 3% will decline further.

Recall, that at the beginning of last November the Reserve Bank of Australia lowered its key interest rate to 6 to 5,25 percentage points, to stimulate the economy. During the 2008 g. rate was reduced three times.

According to the forecasts of the Central Bank of Australia, economy in the current year will increase by 0,5%, in 2010 - On 2,25%, and 2011 , its growth will be 3,75%.

With regard to inflation, it will increase the year before 2,75%, and then, in 2011 year is expected to decline to 2%. Local authorities have set themselves the task of preserving this figure between 2% and 3%.

At the same time, the head of the Central Bank of Australia Glenn Stevens said, that the low cost of mortgage lending and lending to construction companies lead to an increase in housing construction.

Before the current crisis, Australia's economy experienced a downturn in the early 1990s. The economic crisis in Asia 1997-1998, will affect the Australian. At the beginning of 1999. Australian economy has entered a period of growth with low inflation. In the 1997-1998 fiscal year, gross domestic product (GDP) Australia, ie. the total value of market goods and services, estimated to be $350 billion.

 

 

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