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Updated March 01, The Australian Bureau of Statistics ABS released its gross domestic product GDP figures and as expected they showed the economy had grown over the final three months of The last time around, they showed Australia's economy had gone backwards. If that had happened again today, we'd have been trading economics australia gdp a technical recession It's quite the sum: What it doesn't count, and a big flaw in GDP, is all delta of a bollinger bands and binary option strategy work done informally trading economics australia gdp the home or by volunteers.

For example, if you crash your car, the repairs add to GDP. Likewise, the destruction caused by the Christchurch earthquake seriously boosted New Zealand's GDP in subsequent quarters as the city was rebuilt. So it's far from a perfect measure of economic wellbeing. It may not be perfect, but it's what we've got and the ABS found that the Australian economy shrank by 0.

So if it's decreasing, you're looking at recession and everything that entails — including a probable rise in unemployment, decrease in spending and drop in living standards. From a political point of view, Australia hasn't been in a recession sinceand not even the global financial crisis put us into one.

Pretty much every economist who did a GDP forecast had expected today's figures would show the economy had grown. The consensus was for the figures for October, November and December to come in at 0.

That was mainly on the back of government infrastructure spending, household consumption and exports. The expectation was that annual growth would remain around 2 per cent - and it actually came in at 2. But that's still down on the average over the last half-century. According to Trading Economics, the average rate for Australia from until was 3. Many economists think Australia's "potential" growth rate has slowed down, in part because of our aging population, trading economics australia gdp they see the par annual growth figure being around 2.

So economic growth doesn't simply equal job well done. There's growth and then there's growth. They're a good health check for the economy, but they don't necessary tell you whether we're all getting richer or poorer. For instance, a country's GDP might be growing, but if it's not keeping pace with population growth, the people themselves might not be any better off. So a much better way of measuring living standards is "GDP per capita".

There's also a figure called "nominal GDP". Unlike the headline "real" GDP which measures how much Australia is producing, nominal GDP also measures how much the rest of the world is paying us for trading economics australia gdp we produce. This affects our purchasing power of overseas made goods and is trading economics australia gdp more accurate measure of living standards.

The trading economics australia gdp news is that it's expected to jump to around 5 per cent annual growth. Plus you've also trading economics australia gdp to look at unemployment and income distribution to get a proper sense of economic wellbeing across the population. First posted February 28, If you have inside knowledge of a topic in the news, contact the ABC. ABC teams share the story behind the story and insights into the making of digital, TV and radio content.

Read about our editorial guiding principles and the enforceable standard our journalists follow. The techniques used by fraudsters in online romance scams are similar to those found in domestic violence cases, according to new research.

Do trading economics australia gdp have what it takes to trading economics australia gdp an Aussie champion or will you fall trading economics australia gdp the first hurdle? Test your knowledge of the Commonwealth Games with our quiz.

Breaking news David Warner says he will accept Cricket Australia's sanctions over his involvement in ball tampering. The Australian economy shrank by 0. Australia set to dodge recession as current account deficit shrinks to '70s levels. Are Australian households on the edge of a debt crisis?

The frugal movement saving people thousands. We want to hear about your experiences with aged care in Australia. Top Stories Homebuyers' borrowing capacity could be cut by up to 40 per cent WA finally lands GST increase but other states aren't so lucky in revised carve-up Facebook says your data has probably been scraped by 'malicious actors' Naturopath jailed for at least seven months for role in starving infant SPORT 'Gutted' Pearson withdraws from Commonwealth Games with injury Trump signs order to send troops to US-Mexico border 'immediately' Hotel lifts ban on guest 17 years after seagull and pepperoni incident 13yo girl charged after using Snapchat to 'threaten' another teen Fact check: Were white South African farmers murdered last year?

Eight surgeries and still no cure in sight: The disease crippling Australian women Opinion: Commuters waiting past midnight to leave opening ceremony 'If you care, you're equipped': How to support someone who is suicidal New AUSTRAC boss shocked by 'depth and breadth' of money laundering There is a way to a plastic-free life, but those who do it trading economics australia gdp a word of caution Sea turtle Yasi returns to lay hundreds of eggs on Fitzroy Island.

Connect with ABC News. Got a news tip? Editorial Policies Read about our editorial guiding principles and the enforceable standard our journalists follow. The mind games 'romance' scammers use on victims The techniques used by fraudsters in online romance scams are similar to those found in domestic violence cases, according to trading economics australia gdp research.

Commonwealth Games sports quiz Do you have what it takes to be an Aussie champion or will you fall at the first hurdle? Top Stories Homebuyers' borrowing capacity could be cut by up to 40 per cent WA finally lands GST increase but other states aren't so lucky in revised carve-up Facebook says your data has probably been scraped by 'malicious actors' Naturopath jailed for at least seven months for role in starving infant 'Gutted' Pearson withdraws from Commonwealth Games with injury Trump signs order to send troops to US-Mexico border 'immediately' Hotel lifts ban on guest 17 years after seagull and pepperoni incident 13yo girl charged after using Snapchat to 'threaten' another teen Fact check: The disease crippling Australian women.

The number of stay-at-home dads are on the rise Sea turtle Yasi returns to lay hundreds of eggs on Fitzroy Island The mind games online 'romance' scammers use to hook their victims Hotel lifts ban on guest 17 years after seagull and pepperoni incident 13yo girl charged after using Snapchat to 'threaten' another teen Armed robbers escape with cash from Armaguard van in Sydney Naturopath jailed for at least seven months for role in starving infant 'A minor miracle': Trading economics australia gdp doubles survival rate of some cancer patients Democracy is failing its brief with its women problem.

Opening ceremony highlights Fact check: Read this trading economics australia gdp 'We want our money back': Commuters waiting past midnight to leave opening ceremony Thousands stuck waiting for buses to Commonwealth Games opening trading economics australia gdp photos.

Read this first The gloves come off in Victoria as two diminished leaders scrap for power My husband suffered in a nursing home. Here's how we stop it happening again Can't afford a house? Beware quick-fix property co-ownership alternatives Claims that Wizard of Oz munchkins molested Trading economics australia gdp Garland deserve a response How the message of Martin Luther King's 'dream' got lost.

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