w_X8ϫp&&nzNHH0C:mY;{NN33:W/;+]tG%IY6}JlNQOxr{kxQJY?>U9Jag/K˴1F)ugԍ 0,t[|﷢IM>_|3Xب1ÓVxvWi(jdS׹o.N/~3ClUގNs-Wo5큶(pn6r_{fYU*7' ~=DhF68JQ^y{]tme} ~\iIv ~&z5hg8wgY3f Q9kvVm,wIιϷZv߃#58Uv|vGw]^;yݿ~`Ja'෪Sop'`it}箺 gډSzcnWw=|?'#Z.|UǏW'鑂E2l{|ۧwpAg7`M_Y/d3'I5AoIr=>gM[, շr@y>|/u8Q.O'`p+Q\:eJO:s|ZCuz}dˋj}^} 4{Ʊdgy<5m vzT@du/[}6É*}*2Uwڿ ;r0 N4k~^/?dIr?:Y^Xjv{/ێ7~:|rrM~~y5۽e˫ϟ{o|m ~״ĉYU#ȥIvՃڻ{5`>.]ڕS]5'I{Olh:k6vLSv\=׵sדVΒ:8U_]{}ac]|xw|HVNw׵Yv+ln?mlY"9;ND~/xln!@̌hE9&}Mu}9TLJW ޾=ubA7 '&Z/8~nğ ŒڧW@-{%ˁ4i[O1X8.n+WɎ{}hߛ)6Čic%]οG{,!Dw__;ӋzXbs':=i^>WQQ_/Oqr'7𔏜ʩ_7n֏b=!nޅwGV|auBk19\N*IX=FT'g2LB6ɑoUetq}[ jY(@N}߹GErs{KbWoGGg7ز Cui39g$ǓuV}]]BQqSW~ .?㫯TkClxhgwtJjFV_;mۧƮsRިztq~{S$ЛxQ;{~ONnxgIڝӣϗׯ_m> #}:{&Jզ~a߳pJk~{::޿}@z}rw~ 6'hAީ;>گC=Oy< ד\U|Ѿx[2R7?U "|YKwx{~\ٻ`߇VKa}Zzv4!mXoP^|ܭWz'6M3Mo (Y3;L &OeKBb'1OAWb ]Kp7в#\uS @%w`mpoy=ѷwŸK ɉt>>we|uoίh5-x!zZGE1Q^ȗYq γ :C^o r{Ѿ*Knq KSӏ_9iP}kx^n0fi6.AP bwTm&av;H|ipr;2G~ ٝjj /`9PȊ5]qoow!?O.\B|>BxM *bU:ɯ]M"o(KIA4.R@Cm¶c [R9{ 8$5 ѳk,Oqsj} st\1'23({i/j!h15DrTjl?aԯ*(~ԱGwt!ł?~zvwu_WF!@eϑ2K? Czce~?X+Kxb?8F$ꊼ|o;o?/ #B?gu׃J>k3C5#aE<!@EBQ=;}y\Ɯmc/ S?O-s5m ")>&HbrM(@T~B6 *Յ8g6!-@#)8D(6:GkYnR~pM@`*ira$*5hnXE 55]7H'Zzjiƹ9O1d}.e]~ tO^)^5r_<.A!yRMXuIxUN ѿ@n6y 0?= V Un bDYm$iаq9߀N(,g!񦞼*}6!Z (KcW~H/f5{U(J5YfU?q[NFPqo9JLǒ;*Fo믿_ݤ AV!(nMlmr-mǏJ $ |mگ c6!ԯuBJ_WsW.׾QzU:\C qf`ɡa@V>& < JaJ\wgeMiw@>S}ɸ_zҤ*z ]}OA !֐~pM%!'*+ # iuYlŘ9#i ʢe7x4NMDag"+X?Qu -3W`0_Z~Z'ʭ?PJHneaiVGh-\GYزW}ޭKteh/?JCG7QxKPrJT%0*YZM^ \ӽ] gT2Lx~\~}7G{vxF}%fyAf1<`#ވ)76)>jDXcZnmCճHXH@9߬a0_Y+|s>>K@6 T]T?*3$?:r?0E ܳQpXHWCh;$Mv9tUةG?ж; |g_eh~:E>~t.7t >P@_'29G?_!y# x}|FPHñ:7,N | NP"P/M!jȫC&Bs1Ǜ+ޜ3~:|`#EfJt+Sj  d`c(R,"Glvރ`PPBΣ)`Wz\bCb)ꋪRʢB RjYqŅ'ZP_:w, 8F*[.#jk4f:@p~vP/^'PLd ^Yjo`5S1Q?vOf#j> A H@1(!N>baO"c/2U=#>;lcu;JZ?_sՐGc:?&.~&Xv^wi b :RLP:\;R"giՂF_J$* ,"nu~!Oq %bx)Mӕ*ףXTIJviJ֬C $\Z|Wј~jw|`yl6jlmd% r޺4 7ĵ_=ܧȩ~3ar3;x*[Q.0N><nwXnuu>\vfp޹m-/R3M~j=-8w`,d_~Ymxzu9Z3lM?b͸9ӣ7Wz݄viiNIGSt}ziv}m6͋I}Kky\.?U'w?w?^xYng2<<|n9vŞpM˃yk8߿z}Qz^su}o?4?Z~'''_+񧓇ۉ6U]՛,Z>H+Wq}6s4ϷӚ~Qoymmon> }|4 b}wͯ_no˛'}t>^'OڗfO~ ӓQ5K>99 Wogяhuq'_G/яOjuOnͽ}ow_/j߾fýJr}#5/?'_6]G'ӟ>Y`?*OZٴOdܜϻ]r}س>_;5sn|E__8˯矓˟O*?|wm_ڷ|ͯ`ͼz>?8ێv{:|x<:_jZzr6輮߷j?N__~;4ɝ&7I-p[D̓Mx7}~ٟ75UI/1t׮}iޟtv'ћ]f|-&i-yrcOoѤ^zY3;Wa0􏬍sӯkjn5su:7?:\ևc'9[~*ǟq|}6e]^s~g<7MvD@3/l49Ńԣ7qN_?ts楷>W*vqe79:6}q}:}`/GK~8uYIʝ;:Ikv/qUoNkڪyiǯ7&7SŨ~߷OWO߮M듃G "}]WO6ջw׻o&'7w0:{TSuA{n|d]5/I?'oݶZ`׹MD׻w_vem5.ms]ҺOn?&>Oe77ͽk6|U6wx3rruc\L^w>޶att`^?҉ɏŽa|vx٬5e^Wpc?޷:_?ķ˟U?y9[h׋wwﷻ/gʧvzzχ>?qz7}gVuVO/旯x~j@gԛy|1:ZQ!\vUyM;{{vN;|yfx~pr?<-'-8| _])/oUxhLk{gr'oww_'?/,ʬ7O?}ˏEYW'|_]}u} &wǵNu tN]}z{dku~F.?]{vߜm~޶?os7ÇouPmߵ['OޏvR=;hN}ׇwN=vkty%}^~in^4Jl3S&}zts[~޼kMjKݽsr޿Ur6ӯexeĉMtp;:]M_=xR?{__}r_{.kG/up|x~e޽>= G7VӇwUuwsvX~$Izyx{qy~q\lccZntclyIMJ8_+̀lK6,z3ovʯ `M: žX/B)X Q8IH@Eg^'>}a6m#kz$9\d˻-+H0$ΖHg7Հf]tbG[\H4 {|DJ)k]VLnʰvZ]w(->%|J]j Wn-K 7~F~; {wH@oD {|t\xPu +u"MPB5҆h⤵6t Tܭ#u:PG8?ۯauW+~S<_+* x<"GpI,?[ofhh'a]9ƧzsXIXXjpn3v\GFq]5r.>(L2acetp*Pεs'<OLDKŠkd̋ىj '`\U/bH֧/4 E~dȸNwb|KL @PI բvD;9}rs a\q$:ŸS"C|dYӦSX~ric;߭ OHP#Y:%[ZN?_)v+m#hqm8ʖZ߷Z~B ?mY6c.~.\G-Ş!vѹP~BxDODS,!h/=Ûo0$UTc 77Ұy6@M)@cؔFn_Z,LLv+EbV1*R۽!Hy 3FaBERx61 `4a($OhpҖ4F,S=|KEp> E3Ҏ<373!+KXTTi&5QLE9*TMmj#jԆkh㓓vx͋QheȯFA&$EG$U[c#InX  !8C?A'|_1̊0Vfl"21}3oŹ"OO>6IZZ\_(8jRYR &@?ެ1dM㼾_e<8 -vy9XH8Vɫq5s)ap;Pf[_'P*r8o*1xLfcF]@.|ؑNί#i /EP"h B4Ez=7if.iD882sg0Y&i$}9Į\ i{^ [Du26{ vNFm֏;HW ->X \>=( G0̄YKI ~ÛX~u7Ge3mh~Q_TAQ?~]Jqs3!ppe9칷+mp?3Vjbjӗ'a:}SØDOX]S3ʶ)Leg^bl`FEɷf#&q? NkKm\qk5R/khs;Ⱥv?C_QZE AI‹?A ` tP EO0rێ֣Uo:ƏYmŭ) "P>a<#q'Ft{;7:I*ʰFU_yfMEk֚w;/Oz K4뱾l1M8e< 6?wҋq'-^KyT|h8>(4pWW<^$0 e/m74k~ߎVP,|i,Ϗ$D"<2< Bz8pB7Mxd'l5w # z+{8js } .@P  ;`"T8 ŇŇ>WMޕVjdx?nEQ1rWk / JZ3j24utaK'tXFzM\ ϥIp$;v0DLw3f6V6yin4 Ql -&+a5J7-UM`lRSHj|}M=Ƈ~FpH6 p7% 7]M₄E@yvbxbp #4K <@vBEaC[- ,SJ lF"lr̭! "ٛߌrӳOQG<80膶 9#fcF/q/5"!O[v6h=lWJ9A˵[urL׀Q9kѳg \0<ɤ`C?{il4GF;Ys1 g*/Mn f?fE,ʲF4rVӨnSrNRE;(VvUqaM8nxh#Q5L0[^ ⃜t>e{-OUm`DMX+ fh]]|EH` M'njLbCA=mX0bKk., &0wim;7{ؠ q ϻiPJb[0Ӈf+hijKarjES-w{H/ Vi3&YAQf؜C9QPB1bn,!N}S1\;<n֪z:DUA`[ւ$CC ",c7<[=t+hIq= Sid"YltbCp7LGKbWL+:SŊ &}/n.u{!)Eă$AUaA*U K~]lр99O P#$KqBKZ pףton.z6Ǯ]0W22mM|Xm`ikdʙVQLֽAjagREљ;AZt9 au̥ƴ8=h-Ӳ܎>\duEIE1x7.b9 gW1Z(TH@$@a t7\(14Wby٪ü3rMQ[^|S 7E&uq/ C]S)ϯ9_@. vno ]-t`5LGfO;{zuÈ>]ù.˵UO'` ܙvh #x=8݀[ wS-_ϖG^>7=+?ֶ_]t`)xh;qItg^X:d],񈍴\("XQ^zِ/A0BgT"Cs HXcVE++"N#ŭ0 }V (30.spreyQo# s^Yg_+lZ g7`PW_K␐j7.5RZHS\U9=J*T Z;_> ά006n[~V*D!+} n0's9|ifR5FCZ"$R^;Evf K-G6Y7 QiUqry4 5S$ VYڟt@ʖ52l< f{0eByqK!{D4gd9`ɮ1 G,xNG6IDQoѳ+oI6'f1{4ZTdJʣAҊ0",tyэxݑ@o\XVj~Q4`*v;-zINdخ+ 3ɮs?dG!ͤC'TiksPa;nP($J@cg9Oۍ$ +Z| ٗ%iѐ aTݖLzf7`h +V)={3¥Q:#Eo7r[q]Cc(%_H{|tWy¼JVojTW+tm)٫tB`ǨaO /\5j }zW<"N$(^`Pn6lH1u1S=RI:U@vtgA5Q0`9凒Ҳ*7w=`v$0p1a7FuAO2 >D0U S*K$%B`ɇ-9Jir5zӝ(蛈̩=(B%^8Na[uKYGCgZ-0KqbP#9 S`10ĵ GUT{3|@4 y&G:Rڤq׭0I֕X\#Eq ?nڟ(?usz;£{q?$0Rgi L3C|2T^P7>Qa IsEosxJM:ð0aJJcd) &(GH5,_qھL0O^]<2x[[]/5L͵TDE~q=houq D'].8Uۦ9p!.~@6Ы@Pa?Ǵleu{y Q}lQj$^N3v88ܷ/(EH9OQaYW"`cyv2Je'(A "q2<\SJc`B'76|.t™? HyrWE0]_7:w5Jqo,?Clȷ*GrDE_tYSJ4U2O*i/V 7MpP/WBb0JL5FAd"P[~_s`C6YoItoi3In0Z/ǫƐW8}WtaijR^ R[ ]6+L mS/o押, dYO8q1Lraiږ !@1X%(\أc&Ξ/&(o |iz0b櫥-Xxqw&d>yM'Jㆻj3.3V֐o9ʪv;a?h(O1Z=+aYR17יЯOMHbu1QmG 37=vZx~;b|EǑv#q,)L+1c^L-î0oIctRDc [IMI"ލ|O,7h)jܿ^nMkQP=D/j4S<Wvt:)j);$!1=f$iGyNFl4tsfVa#q}z`YcÖWd@0="7"Tc?awZNӘ 9^qtYOHκYX:r:.LÁ$V՟]db˙7:X$046.ˋ!bxs =!'$0bC4=^8As((x<~˃-DžPJR5.f@e} #?7<&!6x,oIJufP&q zhekŮϢI]$K=ɬ_md> 6ܚ#'nЏq+ gհ҅bkI,֍f@*2ahF=Zфh Y"%Fqt"tOr) ExbMܠwTz\(x8FjG6ĮAlHezglU2F\@B@Z8j,1>\@rcOYkv< ap.b;xfijhPQ.ZaɋXF-bէ)g@ vkD P^5{iJ`'d%w.(t[Ui b(/6K-[po( / kB v( 9H%ȶ塳ydK.F-d?/O̞Q/[{LiUQ8H 3nʟfZ U u ' h4:ǀ5Zy^+0LęcaJ hP' p((Bq| ۖ,s.;a@ %˩o-Y1Ǝ"A65O*P3췌iq֞SJN؋\v<,CjS0 -oP"uۑg*MY7݆k#AXL"siJ;#0Jh#4OcV 5rPf=?>pBDd&7_c){ih Z,EVW2"a&PP]bV h۝t2N_"fZ䇽nA1] U{e+G$Gfv_ZR|3fw&JGD[a(O J9q#e֫xIgn5T. wUnѴtͩM/pqQ-^ W¨5]vf/&W/v=MPDv06"jq;;EZr cȼCq=t-U!]\C;xUvjoQm?@feW5i9xϻ:\Yά8XCFa< y0`g[7%E0Ëê“;a!v{ʡ[38N)n?#a/xBCD uqX^oExbDZQ)OрG+.#  lR\:x|cN-%N8,rl][wn'Ik1ȳ".1 NSNYn)([Eh|3 ias: б۴`Qtr8Hrc9k6 w^"nk5[45wc)5FzŞ0F@bj*^&X=?.`Dd_'ܘ+x>7b.3hA"~*JIWhse:W,<;oxTzx2Hd< !aZؤ%q¶)FI<([g..όMWEWd7}]14a /XEZdnį.VC~8H9uG`lN!⦝!oBO|{+my~Jޠ򺔯`Rc#|%E'Q2xFB\0$1Ӈ3q80{ӷ6%Nd5 m耩Ha3Ӂ5o`Uztks_&-^? $RՔiNb-U;Q LƷ+t_)~Q9* H- ]d&ǧ)_ȟO,e새ĭpL.W.2(<0t=9R2m|:2 r*E5B^ @|MM=ofҗ0_+dbS JEUC[fU\''kv6A{2HJPx*h Muy$ f^숳)xFӡAc[yK̞r0Q( Z!3)By~VTW@6L{+%K`pTcUznfaɛ*|1 =sW @ ,2ّeUa@aۜ}솝<'*1~ H練֭J K/,+ZIo@}eﲧƖ~seHQۊAwٞwIR^] {ҍ&U,IMN^40"}LJe [Ej7êE8jY:$4hu*@}Ĭw/ܞY${BcMW$ a'2qE#7wo^?[:qVh ╹y a7OZNIY# Tnȸ>y-"ɹ TYs֌T,\,K-#O5m;Ħ) Nc0y~ 3LUaRO0k؏/?qQx]h n;Ͷc}ӧ%eci|^=q&{bmكM+z^l4.!LD{@ϕfVJE~f*[^`a ^6׋^:6 [+kR_Y켔+BUPfu/7oįNRQJQ'Y,k/[ #Y?cq@ʶBc:qG~U,?gP:i浗~;kVv҉w r5Vfj%ZQqqϜ\Ä?b@*oۘ84\S3 U쳴1m)=Y ̯ V'J`*j>2&A!SP}Drr)lcTb<38nVK j43t"F$~ 8Oo2iь%/ʲP Nٲfqf.Z4` X)\c>w}. ,(nD+IJ"8x$փĚdW+* QҶ%`׳>BI+&K`L`&WX0_.\[FcC L)BR ȣD_F4)\]ycx R>FnʽU8u]ϴP{6(1?fєō@p%dEnu]i3{~\ B+Hߞf<daQ1VyO>ф,9Tw[TZ$Yؤ@eQs8hz]S̼$&U)TTвMD;OGSϰâL =^TP@۴|7)eLyHms j\|;b4'XN$T$VAŕѨXNŶlY vV\lale ǀ-?^ɎXkAR c )qq7 VNܝ>*=vUy1K<@}ЅMbg~r518N  OmF_2]17O*!g^t 3&% 8ڶ#(ROU]f"-\KM]YVޕb:h1jBHSƋs8+QP:e# (:9F;x i ԾƸDaQ?)lwfFIh΋O6q0E0績;ewN8[bORȚv-8M 1ڴL-st@n"-[u*bb "DyxK{FAr+ `vfDPF_!X/m"&#$`\bbGr=) %PQ4  < u{XIvu08`E(%b Q݃߰^E LބKp;h[@*"I)m5-'/R"][y{74c#C9kg޲Qf +DE'a ӃÚ<1Tp3+ܗ\U@_Џ̡!'P ;ɩ |EZ,JK nu9@1T*ŊX",3hd"-!3 U;?tֶ*w( #DR  Ԩ=ߓGOPfmmPͧ6w`!nsFNFGxVizchM|qq %<*&4Ji0O @; -8NK#Ƃ65If*RicRRM?M2=@.h[zT5Xm$S`#&sjqQlkk4FF\~| #+ l鋰źDUiLMNn֞ Zq7YؗnK=E]?82q-7Mk1MG=KP1qAO mm@l+}ⶭlR$ȇBTzowf<V;h+Pҕ yx06(8^`mM w&t( C5x\GnLy9.ldѤ1hnp>ɦQ"2]/;lCeE,NJڍVw$4}AkEbwݟo٦Rng fD1iq#tCCNo8EǴMߪBZfg!`ͤ=u\ڱk9kNH(2ңwv8C!c;XZ،0n(g{0o?lhOP,lʣ(*t܉J[*Fқ'@R'Uo;R4!TOu\~w֦=hv5=0#?Ff C}Ș^X^>#ylZ; 4Y?W;~2$Ǩ'fLY$N(t C +\*ǒLpo_\7|X^,B5/o4ӂ6)x,>MO 3rxVxz3"٢H>J>#g,L#GiɵZԔs6Y Hdjň.g* !90=)+Jjh">8UtG35:kzd.9pLbEUE| K kiMf<ҰՐl!xx։KYbv!V-'OnRS ؠ ȗE?qF@z/^g9)._yt 4/JRS3/|rJ+ճI5Vq mNk-+Kr^;\ F 2dD0[-צ .]@/tI-j,3`rC ,"q~ʘTzX1n dFw`b_P 3j-R\HE,"grht֘i]7kaHz.T55soI8YB!KHX`+lTL(:B]Xؘ&!}T E9Ta8'b㏹Onng'0$ԁW-zA/_;;)=J~ŴG,|r]|}(Ek&o*$o/vޒ`Y+6 4ZI8AYtFn_f-h/X=NZ\^yelzI7y^i$I|bSa%eߢ3Gy;YqĖ[aSx9e2RŨC^F6[IV!{^[ҿ)+dhN c9?bY¤ۜESqa$)0[ՐLPS,:<3 4X1wP$5Ln^ Gv(qLE^Q%ATe;aҷI;j1e А q۹1p*h`QhϺtk{MU]K?K)S$9 eV{P="EzŸ ,hzlriؚcg51"fUFFۺ$Kdd9xkKڔ4zVE)lv4*f۠rK]6{K{ NFo46{ _)G8)[NU-\%W8H~[2Bkx>%`ޮ1ް1XzA\c)^\\3Ԙ>Ur&ķvT_or qn#^=X ?µUgl }o3Pٯ$@0E'j<FA"'7wIVr{wDP6Xj[67M3:$vsx<7aEWzgUq28 FuŐ0J5 >ešs%$sЖ%4R{ l>"QVR=ہ@xS|UQJ GE6ƕM +(*"sGd;V֋WQR`WU`@z P'4R3m i]5d8<@;JX_)-K Fa=# :fԈEm&GhዤpnL5Lr;:ũ4Fi(o!f rsiqwngd01 OPPxl8 z^61kO5PT/q˓,}8PiR sRN?fYR{ |Zӡ| '4r(<"aꭻab̼e/: rnlêp ¬'_dC?V9m|( slGac$ $t{ U)io4fl֪r6WVfHT-(i1]є'f"štr2nD6_ ب63^qP%Fσbh!"ߵlCdO^?~Ad_lWF"P~8 d=H^oX,@ZU `OUkoñ^'AQi@8^Dig1|jgwirCΓ#qԣ$Nq#TGTž?\)e3!gq/qCwv{ !ya"k*WT8%lI2(Z&abǵɰqOs\R Cz[/ubMKuO. ss(^BP970I/oҜ~"vU /4*q\!ubtr) )a_/XoQYs.q.= ~kbbno5j"xAΤ ޤ8/yPߌ @DjBi2"JW0&ISaš(WS^}̦3-?0/Y4)GүCt73J ,g AEjJ7>,l.# )uŅSLGb}-j ?ƅ1 %+B#wzH5l$c4MUa.1G$YfЍ('wN"7[2:е†љ׃b 8^u$Ad{yK| U-=s9-b BU^ +I|# z9oz,yl>0}빟 h8=ZvNXnLA\/?t褩F5"~,:<ك$n{<\O\1/jbTI%(+Zac6K+be.!JI%:Mwhb#2PdA&ML"vpڋ}kw M80$Hh@fNL7F,b+Ų =Y )j0',u!H!TE$Gn̽iMc!Ir_؇u,"yM<2ϕW l&=t[͖ xeȨ@7f6IMk)>y2B2qڄALC2`d#t3S7ٲNY{np:)P3CBMGac>GqQ͢RJ9id1H+X&h !"#fpL8EBt}H[r^SCr0Mk:YLQ\i+iʃpZּt;#J?rJVS%U_ʑ[+V@zq12אᮭk`ku mMv6VG!vg͵m&, ZF4`BGNu4 *nj8 JTQEYLK1~;_ձD/£9];Rs[zƫ.Z/)%R['+3cǚ ^YT$$CgFd&~sM]6Ao hJP*"6SˀMd ec׻ɻqϱ%W`$H~5P^F<+vB0y!(5ao6@4aGvEQ^aP)À4lcƍ_=)ᴃ6yiDkN[ Ujiٯ[*ZAoBx>&^eOclֹ%vW'A2F'ʪ3"JA3%f`k#;0*|V{@mơ=pK7\w(GɊikL+@㌓m-2oVOъ2KD+ V=E8PWźvFF.vz.puQT#\RN b9Sŵw(pۖ)433F^5ebGFUC9;z>Zªê| Q'Q:c'^<ڊuCw>Y2 橕\*v5b6s)`ͼ|Ib^`;;4t^^="IZ4Ki]fVNl:1,<4/kуgg,7xbK,ʘFdԀ,#}0F"g[>UY~:YeBD+:0o龄6Qvˋ۝1eM: cyZ˓?I?O?~Hc$(]K-./ ?[Meܰv4nĽp?>>~9 r8%&c<:zfϵ[Զȉ~q9\8wF1kQ3,&^,tBef zҏ~#ଣѕԲT_]/t|߱{`Z,?iܭaZ`akyyLf?$ʽұR{N'a鷿g1Ԏ .ºC6#\x֮01NTP)PKH| 7\Q"(O.޼H[q)2v.DcF=IG-H]H`^F gE+-0ͺFo(4O\_ZJ.btgPѝSIy)R, s(e)*H>%πiQx "ƷuEQ+]u%Qɨ"U]dҩ1Z8&n I|%% yڰsӁ5I}7',VCky\wgB03j {`<2'Lc\2#o*5gKg5:̲+qMϙα h.]5e@XdXaɢ|P0[YM9Z[Xp1j maEU-yGI?+03xam[47fn Z8Uʝpj#{9 fu6vY'^ &mto?6مDA`EX/t; <~ )*0& vAۦ,;l fK⺡ч**FV!LK j*@C9B.l7V%k! Ơ ̉ROiIߑ*9?ۼS$k`۪kk}%CZZt½e ,ضQBNԠZ:hBMdc46P*u^iu(tYc:,jګx{d  \ yR@HC=>paYgRgq*;{EYoXć&7إaW#3,mD ,ra<~ŧ:E|J6//G^D'3l!0!rǢǼ(2+c K0c󂌟x~|,x%Rqod7,#Dsե(evI-HHFM^|:}ZB}MCulbN?Bؚ" `I(;i7IUK`ҭXٚPJ}RԭZH}ĐCYHx R!d$$lDcz+ַl,o&Zи=/.#:|B>[+d9Ha2_Eg;m;,ޥR㓨+W..DA(B^ɳsQO-?Y4F6b7lC}hyCqd|S9A˵[u+Q'IDa"@%<9aٸFMN9y=O߱[9yQ*q0=T^|`$9eo%2c Oi:zӾ>5'5_ T)<TH;"<^~HpN4R5^T~jl'<=)G9UʶM9DÓU&A"R-_4ыLRŝ aK?HNx+ªBMwIŤ66H l‚aghM]_ j ^ aJ$sM}0C(gvAj56uL M P `xK=qZ-N `-=H;$ H9a0wж',!]#^~[8j|qr Y'vo:m:CbHxjvE_yЯ`ϾVbZjʑe,EUAB rna< 4(M=X8jA*ydP,787uRΆQ,4%Nin z`ږf*2Sz4;$1ޭD[8- c{&.H(L%t^P,|.EMbr R[Js:~6U5H3J*KD&Ku\Sÿ. y?%ilh7!kU-=Ӹ۬ UW@CrҘ- lzN#*S]G=Ĥޒ;|:D:|ϡqddQʎxVb.(݈SzWBHu>rpә"6ӋeldSA[ LvRG9>`Ny{٨;v m5^8md2Nۼ;^%za h Ri ijp4ECAlcF*i.ZU!=8?gVak%>+#2(Z1gO2"`I_FQv3q3-X]eǬ;6|ƞoH!FW_me(IZZ^WAz*,G'@@)q[bYE+ e0çxa}`6}G \EBpNalMPnp![6ȭ#|h(Hoq Tv̏* 䭡t7~@|2ȼ,k?OcʑOh9X\"t\ y{Z /$l K\ݸ V'T%o yAVۋ(m/*8PT@'WEfL snWʓx033A3w* VƜvAy4Wopĩߣ"p/bG:\ i4<1@WBFq|b7`tO=Y8\TIZR8 pNtfm 0^cEbg*)"Al !$JB*KъP%n+L) |QY6ZLŭ"% U#)I>M%vME><6Y aT6e.̴K%Ryn]c;͑V]}\ZIޒ3jK &uxo+oG&R79;,Uz sO-yi_eL5<{֪6v-.>{؟^./:UoϢZ $vQ DePꚰ{>FB!/ktϼ |4\Q{rLj{+Z 5glJ~Bt0O\yx.9pAو4_fyQJ汦} v!kax3v:8R^Vwj[ݱ?(F8#e \%ei}io1T`P##㩪 FUv[,*;) idar'-q;L H걢(R^OM%ZNRgv7*!`WrrW\Py\9{+~ܪ-jѲ~!CDg' \f]-S@;>%pxTL9?N6D4DaX'<)Y :v׈ Ja *ϓcw 1_q2KY+8h^-N:4r)ZG?n<gXsѠufQNlO c9?bYa58EpGNuf%Uq>)%Au6Q_.ٹjL 5rf2ϿM%*z10uSuVy|Ԕ{a12 TNrhE`Rgi| 4YLK-C3|wkzpۥ$㮍D8yraBVr㯨 Tma?Kg_p+gAlq1~*mC˫: \pvL(+ǃl=wnk` XA O)') d7 p&*%ƩWsAQ1:@v+,m#f&?%ZY$F5wZݔ.*/r+ʂTp7ɌT"G9/Qg+*1D-ڂ5nǎ>b=Y1EI&|ʳx~Ԃ3`(~d359+øpH ܴtߌ9L7Mgє/s%!?UK"טc H"XGY?_I-fN8a`e(v>9±zՌ(/}w+5c3k䝯Z{ڴM˭:&Y gH֨\AQq\+U=ʡwHD^ΚܴSwDEaa=܄SO\ )Cl,h<UC/[nC>{bI:-,υdX郞W*#_Ϩ y4W(Wzdîo ƠOwՊ9ʊ{NDq;;J;|n:fcwfA.AHbw9mu{NZaּ B';$ AA0;VH#1\=FP<=X3j0` xB-$\6ћmRǠ_Yz5=p(tX(D3Tr[(&•sr_*:g CТ+I0DrJ<'b)B{RMjOq?&E-B& 1W<~ j5%ܸ EZHje\vQySSRyiY0c %dtTK-(HO ˹W*Q&nbQBX3SİD߲Au,|;%T@Z[-wpL/G<]=ٴvʛv35094w'Ӓ#Cz;iȑ(+@=x}E%0805oyO:Co0Xv+ɣeIB BWmW ,BA%QIS,n:Fsȃ |XMN,le"DI Ŏ(ݢ ]Yvv PF H`B kf|+`*^LMZRo%m4/{gk,(M^X?R +Q A\$uKGd~` .Vꎧ &:ŘٞVFޜB "6\fgBK<?D!Ҋt^GId} B&Z$N&(P@Cxä `(-GIϵ/S_+aۢr#Mz-/M?[.< apM/Aqc%QKX:K=j%1%Nt S@ sZz"WN 2 Njn)qd5(ֲ+6?gn!N[5'%ZY#f hvRefB؍ xch8/Yx7l6B!URO Zj(Xbخg.un]yí}TjKt#Qq C=_O+[:cU-ėlXT20t9ɔ#Q7 A QԋvH^ h1΋"&gDƣF-mcD =[NچZWgAZM"}+=eOq (' ۱̫iawR]!p ̪G)yYuҋY!U%旄^L#_&j3J7@ 1 PDw ެ qxH']7UL+4\[3X 9ݵ+Z`JR$cċբgܴ\\G5HQ4f"\dqK:P$q.eL ) %!|1d2L-NOX]aZ(WT2yw ܳ^ɺ6y>D4$Q+-{5T{"GDWr9)M>㉾e@^ct:0ljLu9Fw4/9I>ZsHV(_<"(ZV̞UD̲7}JދFZ<,6bs4 OҀz4ҝ͋ǭx fnj*5; dbf"8kҶ5U:fVep@EIkyp %AyڊQQ^Cd먉Hܾ (Б[P3* 7HQKꛚGJugMPs0^T(A I9F¶-?[GS,Ja+fA5{jъWi%H~#FH+.([c#~llm q >IZ*Ms`>3jH&}"O+*3ipHLb[q, ʵ03RzM'\:n/Vl^E\45[hfW$)hXNjwWޤ3X"%|".@sJYNѶLu3F P G]9lP:i&0#rBY& :y I)EXrP _x/҅ XTL A'[p<3OFsa40CGp[#O`ƹT.+9<1:2ncK Y9qS# ƍ4py'ޏC-0 4 V@ H y搶 LÈBe$,gmuh[%S\m(vʑ9n[Yۛ~)WsuOo 7Eڶ>N%gazŅBrX;dG  *=U.i]pTphg4GE%N%6hfӾʼn@ !Eyj#z8Bx>7BN(3B|D\cJ `}j=\//B9x:LfG8&RZ4+oݩ\tz+EIi[iz==[%L)vd 'Fo>Y Z;R0) )ЋY  |/}E;Ҷ):/J]1=_Sȃ,t3^jp@=W 6p!Y^XXm$U[^!wU~[7@/Ӱɓ1V{=R&&pqQ-^ W/Svs[$ װ?h),+4U"p(K3ʁi=#0S3@SX0^c0@y0LepY\b!sK5g/ǭY'I@G$_I|{UTxoP L*5܈>/Ҁpyeq ;QhdM@:Y˕9ɻ"+Ȏ- [&@r9^U.^Ul%"*5ԅ`\@ޤ1gXO7fدܙڳiѝܳWhQMD.=aPJ c}b6q;x$(mJ*jMJFxݜx/9bIi"_ 'VRIJW.7̡3qF᪔[b)e֔ 3JXtu۩:yPaj13=0*5\PQT'a XQN-TyEμ=?DСJ1"XtyG*ҤrŲ^^$W/VaH$w֪͑1f4YDMLT^)?vURv]Fn*&,Dّ:foN*]Y,ׅT M ;@e&>p5qV^5} (mWW w=OAY> m4DNvۃ\Ab˦ |KNw#pu{CSaf gB| ;0W?V1/-T#+#X) Q7f6IMkIRVN2ҽv+ܙϗql/5׏ -2ㄽ'Oض!)A{&,3nd k^Ek,c5ɪ5b?.giZbd2Iyuƶ% 8R>A3@ay㝗f!(+"8fjl o^-[b}qYa p:upE``ԣsiyU5r^PW$w)| U0M3+_O|G ɡy{1?VkR@m@Q T]0PU6|<:,JJ:(6xlZpC,CS66/$5Ȍ?x60c?RbV.dRdLG(![4 }P/Q!⏾_ O?\-6"kA.OiQ u2Z"8+X lsކM&/RU %m8U1DVhAhD!v(d,LÑiy7oxGz&|GH(uF{ -Av)50vhR%v4!j`!o҉7[Uk* չID QAm(kT@+m*If%u01|'PwNxE+˦;\JK~|LLÅn0e%!#) (Z2Coɹ+R2T+K0^ FF7|F@?`b6h8eIYŖT-:*-#ZW2k6 ö:u2ϰ;,QV74Tbc&aG_RcUnӚ0D%-7ɺX!APLU->' +!uD<YZ޻$0N8Iv`ӑPWcQ >'o_ 0w;y\a^3(%/,1\ xH +)*pO<0*PP4ij X!6@^q8۳i޼p{ڧf,!g{^p `Sns>VH*(XaQ~L3>!)>;G]Êi{pVHA2MMKxAh7MAzcrGI;⸰ <0p2Y"A"Y `bnӂӇ?0l &mጓxMutFrT >~b[]޿>\j=dxͥY |IH"M*hnj<߉kM?-zQ"2PUk'Q}ʃd0$ɽ(uBoߦM`:8ȏ^8rW5Irv}Ӹ(j<%LmJ,2$ټP%-Zw6jst̂F/1]' 6D$.t/EH\d:yuqPR)} q iBdxjEg7u֚ēyLr7S +XT#NZ y(gN>~51^j| XS,@gW$pjj]j#9y)E#^9[PTû3]8Zv'<ѪG_ wRLII5p%R1ulٴV*ZDMy&[C]0@Ū橨URv13/7+ ب*0%jIb{V 3I_ΫsNp,>2XfE"VML_ؤ"5 > h~YkB?ZdV7,ÅsUU>)@I4tC+KVYF Nxݲ8ACzx,Ğ8o_^_~??9ǿWn}$+Ub ēg_\1kظ3m 4v@~q/U}7'1`~eNVo}wJ࿷_?<)th1sФ܍,yW[j_M#af'Pa.? d1؋wxZAeCr׋Zl=zC Q%h+.^$Cb&pLfo-*s`Fw~ψGi]F"Q-i~PJgnLjrc8-Gx{Q3/rnٳ}Ocy8x\~ܴ<;caPo6R7ZI/rqhHl`S7ܲH-$L JQp֑=tZU"pj  %m̛ƺeR $S6_-Uǯ..N>Zj'[]:ZBm-dM^~%LJW(WM!LEHpLC@XS3LOʐg&UsUbKڍPaR ta Z nY[UVK(\ < &-і2x}ʄ7K]zZ&+volj`謍_ pA^Vr yO-j3UWL ,Ƶ ]-hQ\by_Q 7qw츜 MffnN?uxHZ0geY=qA2O~\s\|rSH1A/I/"S$( $`wH.!V#-Q?hfHry3@.d04I0FE " QlZD0)9?gyTP"4<%`Wn̞{z 207!F׋ugNȍ_AmZyhvZRC07T(- Q\kLsX 0 RCŅyViitμI$ NhYC!9˃}"AoI%SM~'d߅N:JM.s>Z-\f_9D1H "0H^+ an F"%1,@% h _/U8\\Jd D^V<-mXtB!|$1;" d1*$Ns(AƜhOQX1Ҁ };ZfjH76Z;l(["6vCFso5A[TeB"((I$KxG-ENZ(fbNrxGwϮo<|ViI3jln::hp=՘(Rj81lfo$d2,+Pp;z+{QknVa~oNM˟rӎ{AXkdg,k-7uv%;#GFBULj7` ZX}m=#W)L=YUӰ\W&/}|By3~Β$. SFK@93K?݌9+#/K]WȱS7(ՀeEgem%dOԧ宴:o ͍ /[S* X,1#b9;Qb _tq؟ E,,q ϓu|?-S_(XK*K'ΥJ.%~(De:*|i1N=Ǖ0böz}<wN: 0M$T2!b>"fN<]y.ԒɔXjT,n3l6`LJ[`o"ğ /0*O|9hJ!%Ӟ+۷b{ wd.m=E E ՅN&h 7df8Tԫ-"fx>Lhcy^#`JUc}o(xk:Ns]}BO'BH,e,>#?bif: 4u5:bz X&e;)i\kx h;]I*ncdaO4O} [4\~ CET-MGǂu X`mko&oVp)ꛚFsU}-ve܌&lC=ʈ<`JW s+U"ƴV} M]`W#v`yS;#iݛfx]nh;+)gufײBh7?plYyk\y;-գC^h=*oT۲(";].uY0Tg"|]]b9J$՟݂OvjAì)̸3E{n䢐LJ&Mx/ bADV:\5:\ۅ#`d[^ å5zl̅Ƿq_`|.Wv @E-<vN$^'CTD1((U_X8)1uS2O~<>۴GsR7P&(UZB-um 8Y.qow/65u_F~dФȻ])_tXKhet='e\vEiX|N[);+\?JKqQC 6V:>\ӥѶő|'p&cL멽p b]oxT= آB+o&WГ32R+UC#P#.խY—76uA7|{˚z}rl;n&ek&qz_g*{]5[XDGH60Oew0A/P+kwE@hP!h9ܿD퓪~Ga֍ SYUrM JmU}9oE1yr7sGz-60:N>\D%Up Gj=cI&qkW~ѲUm*g6 aWou1%c= V1wl;4MmHEDIV:X D~`A΍!EFOIT"04hXB+զW7`"`!3*ǂu3X(M>`JK@ $o.WX*.$D? 1kdG.E: l]=|.}r& ' S٩ 8] S/X,P]wztf07a%LQFV[%o^<?fÙ>rdȵ1:CEE4B=#pP'h S@B媜"p*{jR\[ }G@X) wnH ڍࢁ&'>ۂvKr e\V owڎ P*OH-S=[d= ҭshP3@ǭܚ59!u{nBfj܅4)(I*,a߼Ltͦ $P[-*׹l"uehixddz8s&L6q OzoV*3/֑˗e] 49G2qmJ7dK%Dc!R*T6'Ftm J٦/n5l8zDm4j=l&Gd/x3wڇ}eC1#*$!QÂpMa w=GcYI_q9}X@3"caj!w& +qpܖqc 6 Q!jقJdU rV§4W#jB0(~1c]o&vl6]F4trz G'88\RVR X-rVϪ\h"ř̋XK༠Fʊ:zJx.zB@Ĵ&ZzD;}\ 'ih7)X6X\x+=C3#];+“ `UMw2W|!`;+')ct3XY3ϡcL͐QȏAC,u*[pXWfT4#U{(SƩkQ:cz Lٗ"CFa95.T#REIj{Xa[ Y> c%v8qq9uMwj.]hZArPL<ՙ/uW׫Xo.slw]ʼ㒖lG9GS墢hu9E~(@e*Dׁ oߩY$u*O-5yI]qrbTХ ^e1~Z"c~'+!^˷=93i;EgXOu {`$z[;:@/HT! z?bX.h=g8ROVފ(B1*a7~aXyJsl|*41Yяp:y ~a<+w$]eXx$0ܕgV(ݛ_ Z|pzB?^sAMV[]{ "9B_ćR lD %Ϲߌ#ŵPdj-1Hp[kk|,P69Q!C}F ]J\ӳ'l쉧E>6ƥG؜@@-X.MF1_>,T FQÇY}ڏv᳒6_?~)syuToyP4TʂCN'-z%qί.GY(x9]uTZ-8!s>0;~MV&(ףS5MnA+_u *oAVs/8:qThɿ^0UB}N6$^VUpι9IO쟅qc5CN.he봘qN[ @[2EI[iU}%\09cyYg^䇁%҃g\1*VH'U=Wv ,&L4{]jS$5ł@ $c;ۀ5W^H({LZanrK% {' C0ϺfU-r ~gοT~( Q}v""~*~?f>ٯdD|qF=wKR$rj&OTa Australia’s economy booms to pre-pandemic levels as consumers, businesses spend - World Economic Magazine

Australia’s economy booms to pre-pandemic levels as consumers, businesses spend

Australia’s economy raced ahead last quarter as consumers and businesses spent with abandon, lifting output back above where it was last year when pandemic lockdowns tipped the country into its first recession in three decades.

The economy expanded by a real 1.8% in the three months to March, data from the Australian Bureau of Statistics (ABS) showed on Wednesday. Economists in a Reuters poll had forecast a 1.5% rise following an upwardly revised 3.2% gain in the fourth quarter.

The solid back-to-back quarterly growth helped annual output climb 1.1% to A$525.7 billion ($408.05 billion), a major turnaround from last year’s recession low of $468.3 billion.

The better-than-forecast figures pushed Australia’s benchmark share index (.AXJO) to record highs while supporting the local dollar near a one-week top.

Australia is in rare company here with only five other countries boasting an economy that’s larger than before the pandemic, said Kristian Kolding, a partner at Deloitte Access Economics.

On average, Australia’s rich world peers are 2.7% smaller than they were before the pandemic, Deloitte’s research found, with the United Kingdom shrinking almost 9%, the European Union contracting by 5% and the United States 1% smaller.

Australia announced strict social distancing rules in late-March 2020 to curb the coronavirus pandemic, forcing businesses from retailers to cafes and restaurants to down shutters while leading hundreds of thousands to queue up for welfare payments.

But the A$2 trillion economy has since staged a remarkable comeback by keeping virus numbers in check which has allowed businesses to reopen with confidence. Hefty and timely monetary and fiscal stimulus have been beneficial too.

“Today’s numbers show Australia’s recovery is becoming more broad-based,” Deloitte’s Kolding said.

“Families are spending locally, and businesses continue to invest, making the most of record low interest rates and tax offsets,” Kolding added.

Wednesday’s data showed the first-quarter expansion was driven by private investment which contributed 0.9 percentage points to growth with machinery and equipment investment clocking its strongest quarterly rise since December 2009.

A surge in dwelling activity also helped while household spending added 0.7 percentage points to growth.

“Underpinning all of that is continued strength in jobs numbers,” Kolding added.

OUTLOOK CAUTIOUS

Australia’s employment is higher than before the pandemic while measures of underemployment and unemployment have slipped rapidly though they are still above levels the country’s central bank believes is needed to spark wage pressures.

The Reserve Bank of Australia (RBA) has welcomed recent strength in data but has reiterated it will not raise the cash rate from its record low of 0.1% until inflation was sustainably within its 2-3% target band.

For that to occur, the RBA says the jobless rate will need to fall to or below 4% from 5.5% currently and wage growth will have to double to at least 3%, conditions the central bank believes are unlikely to be met before 2024 at the earliest.

Analysts were circumspect about the outlook given slow COVID-19 vaccine rollout across the nation and an extension of a seven-day lockdown in Australia’s second-most populous city Melbourne by another week to stop a rapidly-spreading coronavirus strain.

“This lockdown will be the first lengthy one without JobKeeper so we need to be a bit more cautious about how the recovery may look,” ANZ economists wrote in a note, referring to a government welfare payment.

Australian Treasurer Josh Frydenberg on Wednesday hinted at some fiscal support for Victoria, which has been under lockdown since last week. A lockdown in the capital city Melbourne has been extended, while some restrictions will persist elsewhere in the southern eastern state.

KPMG economists say the lockdown is costing the Victorian economy A$125 million a day.

($1 = 1.2780 Australian dollars)

Our Standards: The Thomson Reuters Trust Principles.

Source: https://www.reuters.com/world/asia-pacific/australia-gdp-climbs-18-q1-back-pre-pandemic-time-2021-06-02/

Share this article

Categories