Australia’s economy shrinks in first quarter, signals first recession in 30 years

Wednesday’s data from the Australian Bureau of Statistics (ABS) showed the economy contracted by 0.3 per cent in the first quarter ended March, the first drop in nine years.

Australia’s economy shrank last quarter, setting the scene for what could be Australia’s first technical recession in three decades and ending one of the world’s longest growth streaks as entire business sectors shut down to fight the coronavirus.

Wednesday’s data from the Australian Bureau of Statistics (ABS) showed the economy contracted by 0.3 per cent in the first quarter ended March, the first drop in nine years.

That took the annual pace to 1.4 per cent, well below the 2.75 per cent that policymakers consider “trend”.

Source: India Today

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