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Australian economy grows 1.2 pct in June quarter

Australian economy grows 1.2 pct in June quarter

Australia has avoided recession with the economy growing by 1.2 percent in the three months through June after shrinking in the previous quarter due to natural disasters at home and overseas.
Government data released Wednesday showed the economy expanded 1.4 percent in the year through June, rebounding from a 0.9 percent contraction in the March quarter. A recession is defined as two consecutive quarters of contraction.
Storms and record flooding early this year destroyed crops worth billions of dollars on Australia's east coast and disrupted coal and iron ore exports. Earthquakes and a tsunami also devastated two key Australian trading partners, Japan and New Zealand.