 An emphasis on exporting commodities rather than manufactured goods has underpinned a significant increase in Australia's terms of trade since the start of the 21st century, due to rising commodity prices. Australia has a balance of payments that is more than 7 % of GDP negative, and has had persistently large current account deficits for more than 50 years. Australia has grown at an average annual rate of 3.6 % for over 15 years, in comparison to the OECD annual average of 2.5 %. Australia was the only advanced economy not to experience a recession due to the global financial downturn in 2008 – 2009. However, the economies of six of Australia's major trading partners have been in recession, which in turn has affected Australia, significantly hampering its economic growth in recent years. From 2012 to early 2013, Australia's national economy grew, but some non-mining states and Australia's non-mining economy experienced a recession.
