Australia bounces back to robust GDP growth

According to the NBS figures, the economy actually performed better overall previous year as the growth rate was higher with a contraction at 1.5 per cent than the 1.8 per cent predicted by the International Monetary Fund (IMF), raising the hope that the recession may have bottomed out with the improving trends in several key sectors of the economy of agriculture and mining. In the fourth quarter, employee compensation fell 0.5 per cent.

Nigeria's economy shrank by 1.51 percent in the last quarter of 2016 with oil and non-oil sectors suffering persistent declines throughout the year, the country's bureau of statistics said in a report on Tuesday.

Capital Economics chief Australia economist Paul Dales said the economy was firmly "back on track".

The economy may contract by less than 1 percent in the first three months of 2017, before resuming expansion in the second quarter, Yinkere said.

Households expenditure contributed 0.5 points to the result, and net exports contributed 0.2 points.

Economic growth rebounded in the December quarter, shattering fringe predictions of a recession, as a surge in exports boosted the national income. Growth over the year to December was 2.4% - much better than some forecasts at around 1.9% to 2.1%.

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The ratio of Australia's export prices to that of import prices, also called as the terms of trade, upped by 9.1 percent.

Despite subdued wages growth, household spending was also a key driver as consumers opened their wallets, contributing 0.5 percentage points, while public investment in things such as infrastructure added 0.3 percentage points. Economists surveyed by Bloomberg had predicted 2 per cent growth.

"This was 0.36% points lower than growth of 0.03% recorded in Q3 2016, and 3.46% points lower than the 3.14% growth recorded in Q4 2015", the report stated.

"Nevertheless, the overall outcome for the year was that the agricultural sector grew by 4.11% for the whole of 2016 which was higher than the figure of 3.72% for 2015", he said.

For Reserve Bank of Australia Gov. Philip Lowe, recovering GDP growth will fit well with his optimistic outlook for the economy and recent message to markets that interest rates will likely not fall any further.

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