The four-year recession that stripped billions of dollars and thousands of jobs from WA is over after the State’s economy nudged into the black on the back of growing business investment and a surge in government infrastructure spending.
Australian Bureau of Statistics figures released yesterday show the State’s domestic economy expanded 0.2 per cent in the three months to June 30, taking annual growth to 1.3 per cent — its highest since 2013.
The improvement means the underlying WA economy has firmly returned to positive territory for the first time since the end of the mining boom triggered a recession in State final demand four years ago.
ACIL Allen’s WA boss John Nicolaou, one of the State’s foremost economists, said the results were significant and confirmed the recovery in the domestic economy had “taken a foothold”.
“In the context of our recent history, after four years of structural adjustment and a contracting economy, it’s important,” Mr Nicolaou said.
“To see the domestic economy grow again . . . that is a very significant sign.”
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Source: The West Australian