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According to data that were released by the Australian Bureau of Statistics (ABS), during this Wednesday (01), it is estimated that the GDP (Gross Domestic Product) of Australia has increased by at least 3,3 .XNUMX%.
While Australia's GDP (Gross Domestic Product) increased by around 3,3%, some developing countries are facing recession and stagnation in the economy, as is the case of India, which is experiencing one of its inflations highest since the past eight years. Inflation is also a concern.
The Australian economy rose above expectations given the context in which they are facing a new variant of Covid-19, Omicron. Another aspect that could influence the country's economy are the floods that occurred in the east during the beginning of the year, which caused the departure of residents and the loss of homes.
Economy is up 3,3% over the same period last year
As reported by the Australian Bureau of Statistics, the Australian economy is up 3,3% year-on-year, as its GDP, Gross Domestic Product, rose by 0,8% in this first quarter. Economists were expecting a development of at least 0,6% up 3,0% year-on-year.
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Australia is a major exporter of ores and influences the price of commodities
Currently, Australia is considered as one of the largest exporters of iron ore in the world, and is also in the business of energy products. Its economy has a good performance, even with the increase in energy on a world scale that Brazil has also been facing. Furthermore, it is worth noting that more than a third of all its energy exports are made to eastern China.
As a country that invests massively into mining, specialists claim that profits in the sector rose by 14,7%, amid a series of restrictions imposed by the country on producing nations due to lack of stock. The profit figure is AUD 69 billion (US$49,52 billion).
Despite the initial results seem quite promising, it is important to point out that the Australian economy still suffers from uncertainties. Especially with the difficulty they are having to recover from the Covid-19 pandemic.
Due to the pandemic and high inflation, it is important to point out that the Reserve Bank of Australia, also known as the Reserve Bank or Central Bank, had to increase its interest rate exponentially as a way of substantiating new development investments.
One of the aspects that have been observed by economists is that consumer confidence data is decreasing exponentially because of the interest rate. After all, some bodies have already begun to project that consumer confidence may fall by 15% during this new quarter.
Australia's Labor government struggles with limited budget, stagnant GDP and high inflation
The Australian Labor government is also facing problems with having a limited budget for the implementation of stimuli that are aimed at the country being able to recover from the crisis it suffered with the Covid-19 pandemic. After all, during the last two years, they have been stagnant.
The current government, which entered the administration of the country in April 2022, has been facing opposition for nine years and has not been able to take office until then. Therefore, now it has the mission of winning the hearts of its citizens, especially after so many years fighting to get the presidency.
