HFM information and reviews
HFM
96%
Octa information and reviews
Octa
94%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
89%
FBS information and reviews
FBS
88%
Vantage information and reviews
Vantage
85%

Australia's economy will grow in 2021


23 December 2020

Australia's Chief Treasurer Josh Freidenberg presented updated forecasts for the economy and the budget, which were more positive than previous estimates. According to him, the economy has significantly recovered after the first recession in the country. Australia's economic and health performance continues to outperform nearly all other developed countries. 

The economy is now projected to grow by 4.5% in 2021. The main bet of Australians is on extensive growth of the commodity sector. The reason for this positive is the rapid rise in prices for iron ore, the largest producer of which is Australia today.

Authorities raised their forecast due to strong demand from China and continued supply disruptions from Brazil. Prices for steelmaking raw materials are expected to average $100 a tonne during calendar year 2021, up from the $85 forecast in September. Surging iron ore prices helped support Australia's finances during the pandemic.

With the recovery of global economic activity, demand for resources and energy is steadily increasing, reducing stocks accumulated at the height of the COVID-19 quarantine. Australia's economy has a long way to go in economic recovery.

According to official data, the UK economy's recovery from the coronavirus-related collapse between July and September was slightly faster than first estimates. 

The final UK GDP growth in the third quarter of 2020 was +16% compared to the previous second quarter. This quarterly growth is a record since 1955. On an annualized basis, indicators also improved, but this does not change the overall picture - the final drop is 8.6% - compared to the same period in 2019. 

The main contribution to the economic recovery in Q3 2020 was made by household consumption, government spending and, to a lesser extent, investments.

Now the main point for the economy of the Kingdom is the lockdowns announced in London and many other areas of the country, as well as the closure of borders with the UK undertaken by many European countries. In addition, Brexit negotiations have not yet been completed, and additional concessions to Europe by the British are being discussed, in particular, the reduction of the borders of water economic zones.
The US government confirmed on Tuesday that the economy grew at a record pace in Q3, helped by more than $3 trillion in aid to fight the pandemic. But it seems to have lost its pace at the moment as the year draws to a close, amid raging new COVID-19 cases and a reduction in fiscal stimulus.

As a result, seasonally adjusted GDP growth was 33.4%. And these are record quarterly figures.  On an annualized basis, the economy declined by -2.85%.

#source

Share: Tweet this or Share on Facebook


Related

AUD/USD Dips to a 1-Month Low: A Technical Analysis
AUD/USD Dips to a 1-Month Low: A Technical Analysis

The AUD/USD currency pair has been experiencing a downward trajectory, slipping to a fresh one-month low of 0.6606, indicating a negative wave that initiated from 0.6870...

16 Jan 2024

Australian Dollar Grapples with Uncertainty Ahead of US Nonfarm Payrolls Release
Australian Dollar Grapples with Uncertainty Ahead of US Nonfarm Payrolls Release

The Australian Dollar (AUD) is exhibiting a phase of stability, yet with underlying pressures, as it hovers near a key psychological level of 0.6700...

5 Jan 2024

AUDUSD Wave Analysis: Facing Resistance and Poised for Potential Decline
AUDUSD Wave Analysis: Facing Resistance and Poised for Potential Decline

AUDUSD Encounters Stiff Resistance, Signaling a Potential Downward Correction. The Australian Dollar against the US Dollar (AUDUSD) has recently encountered...

29 Dec 2023

AUD/USD Pauses Just Above 0.6600 Ahead of US Payrolls Release
AUD/USD Pauses Just Above 0.6600 Ahead of US Payrolls Release

The Australian Dollar (AUD) is maintaining a modestly positive stance, with bearish pressure being capped around the 0.6590 level. The currency pair is poised to remain within a trading range...

8 Dec 2023

AUD/USD Eyes the 0.6745 Resistance Level Amidst Strengthening Momentum
AUD/USD Eyes the 0.6745 Resistance Level Amidst Strengthening Momentum

Overview of AUD/USD's Current Trajectory Economists Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group have forecasted potential further gains for the Australian Dollar against the U.S. Dollar (AUD/USD)...

4 Dec 2023

AUDUSD Technical Forecast: Navigating the Bearish Waves with Key Resistance and Support Levels
AUDUSD Technical Forecast: Navigating the Bearish Waves with Key Resistance and Support Levels

The AUDUSD currency pair has recently showcased a significant technical development, marked by a reversal from a critical resistance level. This shift occurred at the 0.6500 mark...

17 Nov 2023


MultiBank Group information and reviews
MultiBank Group
84%
XM information and reviews
XM
82%
FP Markets information and reviews
FP Markets
81%
FXTM information and reviews
FXTM
80%
AMarkets information and reviews
AMarkets
79%
BlackBull information and reviews
BlackBull
78%

© 2006-2024 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.