Riffrag Business & Finance Report

SYDNEY – The Australian Government yesterday announced the economic growth during 2009 reached 2.7 percent. The data confirm the continued recovery after a global economic conditions gradually improved.

Government released data better than analyst projections that forecast growth over the past year only 2.3 percent. According to the government, the growth of a country rich mineral resources is driven by the stimulus and the sale of commodities to China. Special three months until December 2009, sales of Australian commodities rose 0.9 percent, the fastest since March 2008.

Australian Finance Minister Wayne Swan said, at each quarter over the past year the State’s economy Kangaroo always record a positive result.

“Australia is an exception in the other countries devastated by the global economic crisis. During the worst crisis in 75 years we are not only growing but also very solid, “said Swan, yesterday.

Solid Australian economy is also indicated by the courage of Australia Central Bank (Reserve Bank of Australia / RBA) raised interest rates four times since October last year lalu.Terakhir, Tuesday (2 / 3), the RBA raised interest rates from 0.25 percent previously 3.75 percent to four percent. “The fact we were growing economy in 2009 while other countries fell,” he said.

In comparison, last year the economic growth of the United States (U.S.) contracted 2.4 percent, while the other developed countries such as Germany and Japan to minus five percent.

Commonwealth Bank analyst Michael Blythe said, growth in Australia to give the signal to return the economy to foster that encouraged private enterprise activity that can take advantage of the stimulus funds to USD63, 2 billion.

“Public Expenditures also grew 7.4 percent in 2009 and contributed 1.7 percent of GDP growth (Gross Domestic Product),” Blythe said.