Australia exits first recession in almost 30 years

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SYDNEY, Australia (AFP) — Australia has exited its first recession in almost 30 years, after official figures on Wednesday showed the economy grew 3.3 percent in July-September compared with the coronavirus-hit previous quarter. With local transmission of Covid-19 largely under control, official data showed businesses have begun to rebound and consumer spending has surged. The Australian Bureau of Statistics said household spending largely drove the economic bounce, rising 7.9 percent compared with the previous quarter. […]