Australia’s GDP data

CANBERRA: The threat of recession in Australia receded with new data on Wednesday showing the economy gathered pace in the most recent quarter as mining exports grew. Mining companies are making up for falling iron ore prices by cranking up tonnages to China of Australia’s most lucrative export. Australian Bureau of Statistics figures released on Wednesday show the economy expanded 0.9 per cent during the September quarter from the previous quarter and 2.5 per cent from a year earlier. The $1.45 trillion economy grew a slower-than-expected 0.2 per cent in the April to June quarter. The Australian economy has been buffeted by weak commodity prices and the Chinese economic slowdown, which led to predictions it would suffer its first recession in more than two decades. The iron ore price reached a 10-year low of $42 a metric tonne on Tuesday. The price peaked at $185 in 2011.