Australia certain to enter a recession as March quarter GDP shrinks
This makes it certain that Australia will suffer its first recession in 29 years, as the full impact of coronavirus-related shutdowns occurred during the current June quarter.
Economists widely define a recession as two consecutive quarters of GDP contraction, which are now certain to occur. Even before the full effect of the coronavirus hit, Australia's economy recorded its slowest annual growth in more than a decade, according to the ABS. "This was the slowest through-the-year growth since September 2009, when Australia was in the midst of the global financial crisis, and captures just the beginning of the expected economic effects of COVID-19," the bureau's chief economist, Bruce Hockman, said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
For the first time since March, Spain records no new daily coronavirus deathsSpain has recorded no coronavirus deaths over the past 24 hours for the first time since the beginning of March, a senior health ministry spokesman said Monday.
Read more »
Why is Australia's dollar surging even while the economy hurtles towards recession?Australia's currency has risen sharply against the greenback, even as the nation hurtles towards its first recession in nearly three decades. Why?
Read more »
For the first time since March, Spain records no new daily coronavirus deathsSpain has recorded no coronavirus deaths over the past 24 hours for the first time since the beginning of March, a senior health ministry spokesman said Monday.
Read more »
Aussie dollar surges above 68.9 US cents, as Wall Street jumps on COVID-19 recovery hopesThe local currency jumps to its highest level since mid-January, and today's GDP figures will reveal how much the summer bushfires and coronavirus impacted Australia's economy.
Read more »