The week in review

In the news... GM files for bankruptcy protection Good week Australia The economy has unexpectedly avoided falling into recession after growing by 0.4 per cent in the first three months of 2009. Increased exports and consumer spending helped the economy rebound from the 0.5 per cent contraction recorded between October and December last year. Australian Prime Minister Kevin Rudd said the country was now the only advanced economy not in recession. An economy is said to be in recession after two straight quarters of decline. To help avoid the country falling in recession, the Australian central bank cut interest rates to a 45-year low of 3.25 per cent in February. "We have technically avoided recession, but if you look at the details in the data it is not a pretty picture," said JP Morgan economist Helen Kevans. Bad week European jobless Unemployment in the 16 countries using the euro increased in April to its highest level in nearly ten years, official data showed. The unemployment rate in this zone rose to 9.2 per cent from 8.9 per cent in March, the highest rate since September 1999, the Eurostat data agency said. Unemployment in the wider 27-member European Union rose to 8.6 per cent in April from 8.4 per cent the previous month. Keep up with the latest business news from the region with the daily Emirates Business 24|7 newsletter. To subscribe to the newsletter, please click here .