Great Recession in Oceania

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Lua error in package.lua at line 80: module 'strict' not found. Lua error in package.lua at line 80: module 'strict' not found. Great Recession in Oceania is an article on the recession affecting the Oceanic region. This includes, Australia, New Zealand and South Pacific countries.

Australia

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Main article: Economy of Australia

Australia avoided technical recession due to a number of factors: the country's low levels of public debt allowed government stimulus spending; its proximity to the booming Chinese economy and the related mining boom kept growth ticking over throughout the worst of the global conditions. In fact, sources such as the IMF and the Reserve Bank of Australia had predicted Australia was well positioned to weather the crisis with minimal disruption, sustaining more than 2% GDP growth in 2009 (as many Western nations went into recession). In the same year the World Economic Forum ranked Australia's banking system the fourth best in the world, while the Australian dollar's 30% drop was seen as a boon for trade, shielding the country from the crisis and helping to slow growth and consumption. The recession by Australia effected New Zealand's economy as Australia is New Zealand's biggest exporter. .[1][2]

Some analysts had predicted the continuing decline of trade in 2009 could put the economy into recession for the first time in 17 years.[3] However these initial fears were proved largely unfounded as the Australian economy avoided recession and the unemployment rate peaked at a much lower rate than had been predicted.

New Zealand

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Main article: Economy of New Zealand

New Zealand Institute of Economic Research's quarterly survey showing New Zealand's economy contracted 0.3 percent in the first quarter of 2008 and Treasury figures suggested the economy also contracted in the June quarter putting New Zealand in a technical recession.[4] The Treasury says the economy could recover in the second half of the year under the impact of high dairy prices boosting farmer incomes and cuts to personal tax rates, which come into effect on Oct. 1.[5] There was a substantial number of finance company collapses between 2006 and 2012. Housing starts in New Zealand fell 20 percent in June, the lowest levels since 1986.[6] Excluding apartments, approvals dropped 13 percent from May. Approvals in the year ended June fell 12 percent from a year earlier. Second-quarter approvals dropped 19 percent. The figures suggest a decrease in construction and economic growth. House sales fell 42 percent in June from a year earlier.[7] The New Zealand Treasury concluded that the country's economy had contracted for a second quarter based on economic indicators, putting New Zealand in a recession.[8] New Zealand's central bank cut rates by half a percent arguing the economy was in recession.[9] New Zealand's GDP declined by 0.2 percent in the second quarter putting the country in its first recession in a decade.[10]

The economy emerged from recession in mid-2009, with the second-quarter GDP report showing the economy grew by 0.1 per cent on the March quarter.[11]

Timeline of the Great Recession across all continents

The table below displays all national recessions appearing in 2006-2013 (for the 71 countries with available data), according to the common recession definition, saying that a recession occurred whenever seasonally adjusted real GDP contracts quarter on quarter, through minimum two consecutive quarters. Only 11 out of the 71 listed countries with quarterly GDP data (Poland, Slovakia, Moldova, India, China, South Korea, Indonesia, Australia, Uruguay, Colombia and Bolivia) escaped a recession in this time period.

The few recessions appearing early in 2006-07 are commonly never associated to be part of the Great Recession, which is illustrated by the fact that only two countries (Iceland and Jamaica) were in recession in Q4-2007.

One year before the maximum, in Q1-2008, only six countries were in recession (Iceland, Sweden, Finland, Ireland, Portugal and New Zealand). The number of countries in recession was 25 in Q2‑2008, 39 in Q3‑2008 and 53 in Q4‑2008. At the steepest part of the Great Recession in Q1‑2009, a total of 59 out of 71 countries were simultaneously in recession. The number of countries in recession was 37 in Q2‑2009, 13 in Q3‑2009 and 11 in Q4‑2009. One year after the maximum, in Q1‑2010, only seven countries were in recession (Greece, Croatia, Romania, Iceland, Jamaica, Venezuela and Belize).

The recession data for the overall G20-zone (representing 85% of all GWP), depict that the Great Recession existed as a global recession throughout Q3‑2008 until Q1‑2009.

Subsequent follow-up recessions in 2010‑2013 were confined to Belize, El Salvador, Paraguay, Jamaica, Japan, Taiwan, New Zealand and 24 out of 50 European countries (including Greece). As of October 2014, only five out of the 71 countries with available quarterly data (Cyprus, Italy, Croatia, Belize and El Salvador), were still in ongoing recessions.[12][13] The many follow-up recessions hitting the European countries, are commonly referred to as being direct repercussions of the European sovereign‑debt crisis.

Country[lower-alpha 1] Recession period(s) during 2006‑2013[12][13]
(measured by quarter-on-quarter changes of seasonally adjusted real GDP,
as per the latest revised Q3-2013 data from 10 January 2014)[lower-alpha 2]
Albania 2007-Q1Q1-2007 until Q2-2007 (6 months)[14]
Q3-2009 until Q4-2009 (6 months)[14]
Q4-2011 until Q1-2012 (6 months)[14]
Argentina 2008-Q4Q4-2008 until Q2-2009 (9 months)
Australia None
Austria 2008-Q2Q2-2008 until Q2-2009 (15 months)
Q3-2011 until Q4-2011 (6 months)
Belgium 2008-Q3Q3-2008 until Q1-2009 (9 months)
Q2-2012 until Q1-2013 (12 months)
Belize 2006-Q1Q1-2006 until Q2-2006 (6 months)[15]
Q1-2007 until Q3-2007 (9 months)[15]
Q4-2008 until Q1-2009 (6 months)[15]
Q4-2009 until Q1-2010 (6 months)[15]
Q1-2011 until Q2-2011 (6 months)[15]
Q2-2013 until Ongoing (6 months)[15]
Bolivia None[16][lower-alpha 3]
Brazil 2008-Q4Q4-2008 until Q1-2009 (6 months)
Bulgaria 2009-Q1Q1-2009 until Q2-2009 (6 months)
Canada 2008-Q4Q4-2008 until Q2-2009 (9 months)
Chile 2008-Q2Q2-2008 until Q1-2009 (12 months)
China None
Colombia None[17][18]
Costa Rica 2008-Q2Q2-2008 until Q1-2009 (12 months)[19]
Croatia 2008-Q3Q3-2008 until Q2-2010 (24 months)
Q3-2011 until Q4-2012 (18 months)
Q2-2013 until Ongoing (6 months)
Cyprus 2009-Q1Q1-2009 until Q4-2009 (12 months)
Q3-2011 until Ongoing (27 months)
Czech Republic 2008-Q4Q4-2008 until Q2-2009 (9 months)
Q4-2011 until Q1-2013 (18 months)
Denmark 2008-Q3Q3-2008 until Q2-2009 (12 months)
Q3-2011 until Q4-2011 (6 months)
Q4-2012 until Q1-2013 (6 months)
Ecuador 2006-Q4Q4-2006 until Q1-2007 (6 months)[20]
Q1-2009 until Q3-2009 (9 months)[21][22]
El Salvador 2008-Q3Q3-2008 until Q2-2009 (12 months)[23][lower-alpha 4]
Q2-2013 until Ongoing (6 months)[23][lower-alpha 4]
Estonia 2008-Q3Q3-2008 until Q3-2009 (15 months)
Q1-2013 until Q2-2013 (6 months)
EU (28 member states) 2008-Q2Q2-2008 until Q2-2009 (15 months)
Q4-2011 until Q2-2012 (9 months)
Q4-2012 until Q1-2013 (6 months)
Eurozone (17 member states) 2008-Q2Q2-2008 until Q2-2009 (15 months)
Q4-2011 until Q1-2013 (18 months)
Finland 2008-Q1Q1-2008 until Q2-2009 (18 months)
Q2-2012 until Q1-2013 (12 months)
France 2008-Q2Q2-2008 until Q2-2009 (15 months)
Q4-2012 until Q1-2013 (6 months)
G20 (43 member states, PPP-weighted GDP)[lower-alpha 5] 2008-Q3Q3-2008 until Q1-2009 (9 months)
Germany 2008-Q2Q2-2008 until Q1-2009 (12 months)
Greece 2008-Q3Q3-2008 until Q2-2014 (63 months)
Hong Kong 2008-Q2Q2-2008 until Q1-2009 (12 months)[26]
Hungary 2007-Q1Q1-2007 until Q2-2007 (6 months)
Q2-2008 until Q3-2009 (18 months)
Q2-2011 until Q3-2011 (6 months)
Q1-2012 until Q4-2012 (12 months)
Iceland 2007-Q4Q4-2007 until Q2-2008 (9 months)
Q4-2008 until Q1-2009 (6 months)
Q3-2009 until Q2-2010 (12 months)
India None
Indonesia None
Ireland 2007-Q2Q2-2007 until Q3-2007 (6 months)
Q1-2008 until Q4-2009 (24 months)
Israel 2008-Q4Q4-2008 until Q1-2009 (6 months)
Italy 2008-Q2Q2-2008 until Q2-2009 (15 months)
Q3-2011 until Q3 2014 (27 months)
Jamaica 2007-Q3Q3-2007 until Q4-2007 (6 months)[27]
Q3-2008 until Q1-2009 (9 months)[27]
Q4-2009 until Q2-2010 (9 months)[27]
Q4-2011 until Q1-2012 (6 months)[27]
Q4-2012 until Q1-2013 (6 months)[27]
Japan 2008-Q2Q2-2008 until Q1-2009 (12 months)
Q4-2010 until Q2-2011 (9 months)
Q2-2012 until Q3-2012 (6 months)
Kazakhstan 2008-Q3Q3-2008 until Q1-2009 (9 months)[28][lower-alpha 6]
Latvia 2008-Q2Q2-2008 until Q3-2009 (18 months)
Lithuania 2008-Q3Q3-2008 until Q2-2009 (12 months)
Luxembourg 2008-Q2Q2-2008 until Q1-2009 (12 months)
Macedonia 2009-Q1Q1-2009 until Q3-2009 (9 months)[29]
Q1-2012 until Q2-2012 (6 months)[29]
(not qoq-data, but quarters compared with same quarter of last year)[lower-alpha 2]
Malaysia 2008-Q3Q3-2008 until Q1-2009 (9 months)[30][31]
Malta 2008-Q4Q4-2008 until Q1-2009 (6 months)
Mexico 2008-Q3Q3-2008 until Q2-2009 (12 months)
Moldova None[32][lower-alpha 7]
Netherlands 2008-Q2Q2-2008 until Q2-2009 (15 months)
Q2-2011 until Q1-2012 (12 months)
Q3-2012 until Q2-2013 (12 months)
New Zealand 2008-Q1Q1-2008 until Q2-2009 (18 months)
Q3-2010 until Q4-2010 (6 months)
Norway 2009-Q1Q1-2009 until Q2-2009 (6 months)
Q2-2010 until Q3-2010 (6 months)
Q1-2011 until Q2-2011 (6 months)
OECD (34 member states, PPP-weighted GDP) 2008-Q2Q2-2008 until Q1-2009 (12 months)
Paraguay 2008-Q3Q3-2008 until Q1-2009 (9 months)[33]
Q2-2011 until Q3-2011 (6 months)[33]
Peru 2008-Q4Q4-2008 until Q2-2009 (9 months)[34]
Philippines 2008-Q4Q4-2008 until Q1-2009 (6 months)[35][36]
Poland None
Portugal 2007-Q2Q2-2007 until Q3-2007 (6 months)
Q1-2008 until Q1-2009 (15 months)
Q4-2010 until Q1-2013 (30 months)
Romania 2008-Q4Q4-2008 until Q2-2009 (9 months)
Q4-2009 until Q1-2010 (6 months)
Q4-2011 until Q1-2012 (6 months)
Russia 2008-Q3Q3-2008 until Q2-2009 (12 months)
Serbia 2008-Q2Q2-2008 until Q2-2009 (15 months)[37]
Q2-2011 until Q1-2012 (12 months)[37]
Q3-2012 until Q4-2012 (6 months)[37]
Singapore 2008-Q2Q2-2008 until Q1-2009 (12 months)[38][39][40][41][42]
Slovakia None
Slovenia 2008-Q3Q3-2008 until Q2-2009 (12 months)
Q3-2011 until Q4-2013 (24 months)[43][44]
South Africa 2008-Q4Q4-2008 until Q2-2009 (9 months)
South Korea None
Spain 2008-Q2Q2-2008 until Q4-2009 (21 months)
Q2-2011 until Q2-2013 (27 months)
Sweden 2008-Q1Q1-2008 until Q1-2009 (15 months)
Switzerland 2008-Q4Q4-2008 until Q2-2009 (9 months)
Taiwan 2008-Q2Q2-2008 until Q1-2009 (12 months)[45]
Q3-2011 until Q4-2011 (6 months)[45]
Thailand 2008-Q4Q4-2008 until Q1-2009 (6 months)[46]
Turkey 2008-Q2Q2-2008 until Q1-2009 (12 months)
Ukraine 2008-Q2Q2-2008 until Q1-2009 (12 months)[47]
Q3-2012 until Q4-2012 (6 months)[47][48][49]
United Kingdom 2008-Q2Q2-2008 until Q3-2009 (18 months)[50]
Q4-2011 until Q2-2012 (9 months)[50]
United States 2008-Q3Q3-2008 until Q2-2009 (12 months)
Uruguay None[51]
Venezuela 2009-Q1Q1-2009 until Q1-2010 (15 months)[52]
  1. ↑ 105 out of the 206 sovereign countries in the World, did not publish any quarterly GDP data for the 2006‑2013 period. The following 21 countries were also excluded from the table, due to only publishing unadjusted quarterly real GDP figures with no seasonal adjustment: Armenia, Azerbaijan, Belarus, Brunei, Dominican Republic, Egypt, Georgia, Guatemala, Iran, Jordan, Macao, Montenegro, Morocco, Nicaragua, Nigeria, Palestine, Qatar, Rwanda, Sri Lanka, Trinidad and Tobago, Vietnam.
  2. ↑ 2.0 2.1 Only seasonally adjusted qoq-data can be used to accurately determine recession periods. When quarterly change is calculated by comparing quarters with the same quarter of last year, this results only in an aggregated -often delayed- indication, because of being a product of all quarterly changes taking place since the same quarter last year. Currently there is no seasonal adjusted qoq-data available for Greece and Macedonia, which is why the table display the recession intervals for these two countries only based upon the alternative indicative data format.
  3. ↑ Bolivia had as of January 2014 only published seasonally adjusted real GDP data until Q1-2010, with the statistics office still to publish data for 2010-13.[16]
  4. ↑ 4.0 4.1 According to the methodology note for the quarterly GDP of El Salvador, this data series include seasonally adjustments.[24]
  5. ↑ The G20-zone represents 85% of all GWP, and comprise 19 member states (incl. UK, France, Germany and Italy) along with the EU Commission as the 20th member, who represents the remaining 24 EU member states in the forum.[25]
  6. ↑ Kazakhstan had as of January 2014 only published seasonally adjusted real GDP data until Q4-2009, with the statistics office still to publish data for 2010-13.[28]
  7. ↑ Moldova had as of January 2014 only published seasonally adjusted real GDP data until Q4-2010, with the statistics office still to publish data for 2011-13.[32]


References

  1. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  2. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ Australia seen sliding into recession in 2009, International Herald Tribune, January 19, 2009
  4. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  5. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  6. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  7. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  8. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  9. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  10. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  11. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  12. ↑ 12.0 12.1 Lua error in package.lua at line 80: module 'strict' not found.
  13. ↑ 13.0 13.1 Lua error in package.lua at line 80: module 'strict' not found.
  14. ↑ 14.0 14.1 14.2 Lua error in package.lua at line 80: module 'strict' not found.
  15. ↑ 15.0 15.1 15.2 15.3 15.4 15.5 Lua error in package.lua at line 80: module 'strict' not found.
  16. ↑ 16.0 16.1 Lua error in package.lua at line 80: module 'strict' not found.
  17. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  18. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  19. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  20. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  21. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  22. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  23. ↑ 23.0 23.1 Lua error in package.lua at line 80: module 'strict' not found.
  24. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  25. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  26. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  27. ↑ 27.0 27.1 27.2 27.3 27.4 Lua error in package.lua at line 80: module 'strict' not found.
  28. ↑ 28.0 28.1 Lua error in package.lua at line 80: module 'strict' not found.
  29. ↑ 29.0 29.1 Lua error in package.lua at line 80: module 'strict' not found.
  30. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  31. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  32. ↑ 32.0 32.1 Lua error in package.lua at line 80: module 'strict' not found.
  33. ↑ 33.0 33.1 Lua error in package.lua at line 80: module 'strict' not found.
  34. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  35. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  36. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  37. ↑ 37.0 37.1 37.2 Lua error in package.lua at line 80: module 'strict' not found.
  38. ↑ SingStat Time Series (access to database require payment subscription)
  39. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  40. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  41. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  42. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  43. ↑ http://www.24ur.com/novice/gospodarstvo/recesije-je-konec-bruselj-nam-napoveduje-rast.html
  44. ↑ http://www.sloveniatimes.com/light-at-the-end-of-the-tunnel-slovenia-technically-out-of-recession
  45. ↑ 45.0 45.1 Lua error in package.lua at line 80: module 'strict' not found.
  46. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  47. ↑ 47.0 47.1 Lua error in package.lua at line 80: module 'strict' not found.
  48. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  49. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  50. ↑ 50.0 50.1 Lua error in package.lua at line 80: module 'strict' not found.
  51. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  52. ↑ Lua error in package.lua at line 80: module 'strict' not found.

External links

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