Economy in strong position: Swan

1 Sep 2010, 8:07 am   -   Source: AAP
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Treasurer Wayne Swan is upbeat about the economy. (AAP)

Treasurer Wayne Swan is upbeat about the economy. (AAP)

Today's national account figures should deliver an upbeat snapshot of the economy for the June quarter and new data suggests a continuing rosy outlook for growth.

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Today's national account figures should deliver an upbeat snapshot of the economy for the June quarter and new data suggests a continuing rosy outlook for growth.
  
But such promising prospects will be put to the test if as financial markets continue to fear the world economy suffers another recession.
  
Reserve Bank assistant governor for financial markets Guy Debelle says a double-dip recession is possible.
  
But Treasurer Watne Swan says yesterday's flurry of data shows the economy is in a strong position despite increased global uncertainty.
  
The reports included a strong export performance in the June quarter and better than expected retail spending for July.
  
Economists have been busily fine-tuning their forecasts for the June quarter gross domestic product after final components released yesterday showed a sharp reduction in the current account deficit but more modest growth in government spending.
  
Their forecasts centre on a GDP rise in the quarter of about one per cent which would keep the annual rate steady at 2.7 per cent.

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