AUSTRALIA’S economy grew by 3.3 percent in the third quarter, rebounding from its first recession in nearly three decades as it recovered from pandemic-related shocks, according to figures released yesterday.

Treasurer Josh Frydenberg told reporters the country still has a lot of ground to make up from the coronavirus downturn.

“Australia’s recession may be over, but Australia’s economic recovery is not,” he said.

Despite the latest quarterly rise, the economy contracted at a 3.8 percent annual pace. That’s after gross domestic product (GDP) fell by 0.3 percent in the first quarter and then by a record 7 percent in the second quarter.

“But the Australian economy has demonstrated its remarkable resilience and Australia is as well positioned as any other nation on Earth,” Frydenberg said. “Today’s national accounts represent a major step forward in Australia’s economic recovery.”

Before this year, Australia had managed to avoid a recession for 28 years. The economy grew even during the global financial crisis thanks to strong demand for Australia’s mineral exports and a robust domestic sector.

The better-than-expected figures were encouraging, economists said.

“The rebound in the third quarter GDP reversed around 40 percent of the decline during the first half of the year and we expect output to return to pre-virus levels by mid-2021,” Ben Udy of Capital Economics said in a commentary. (SD-Agencies)