Australia hasn't had a recession in 25 years


If you're under 25 in Australia, you've never experienced a recession.

The country just released data showing its economy hasn't experienced two straight quarters of negative growth since 1991.

Twenty-five years without a recession is pretty incredible. Within that time frame, Europe's been battling its worst economic crisis since the Great Depression.

SEE MORE: Terrorism Is Draining The French Economy

And the U.S. had two to three economic downturns during that same time period, including the Great Recession.

Australia has China to thank. The Asian country has, until recently, drawn very heavily on Australia's natural resources.

Australia's mining industry may be hurting now, but booms in the housing construction industry have picked up the slack to help the economy grow.

RELATED: See the US recession recovery

2 PHOTOS
Recession recovery
See Gallery
Recession recovery
Americans have positive perceptions of both the banking and real estate industries for the first time in nearly a decade, according to a new poll. (Gallup)
HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

Government investment –– like defense spending –– has also been a reason for the country's recent economic success.

Australia's economy has grown for 100 straight quarters. If it continues the streak for one more year, it'll take the record from the Netherlands.


Read Full Story

Markets

NASDAQ 6,840.08 27.24 0.40%
S&P 500 2,651.50 14.52 0.55%
DJIA 24,329.16 117.68 0.49%
NIKKEI 225 22,938.73 127.65 0.56%
HANG SENG 28,890.88 251.03 0.88%
DAX 13,153.70 108.55 0.83%
USD (per EUR) 1.18 0.00 0.13%
USD (per CHF) 0.99 0.00 -0.11%
JPY (per USD) 113.55 0.01 0.01%
GBP (per USD) 1.34 0.00 0.18%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.