Dec 01 2010
Australian economic growth rate slows
Australia’s rate of economic growth slowed between July and September as the high value of the Australian dollar ate into export earnings. The country’s gross domestic product rose by a very small amount between April and June. However, what’s the good news is that the Australian economy is set to grow, led by the demand of China’s demand for raw materials from Australia. Helped by it’s vast exports of iron ore and other raw materials, Australia has not been experiencing and successfully avoided recession for 19 years.
One of the biggest source of wealth for Australia is exporting mineral ores such as iron ores. However, too much high value of the Australian dollar ate into export slowed Australian economy down. At the economic recession today, most countries, down to individuals, are not willing to spend money, or they are very careful and tight with their money. I think that according to the benefits of trade off, every nation has to participate in international trading and businesses in order to get the economy back on track. Australia has to continue it’s exports in order to continue to grow their economy.