Australia is experiencing a record drop in GDP in 60 years

News

Australia is experiencing a record drop in GDP in 60 years

03.09.2020 News

In the second quarter, the Australian economy fell by 7% to the first quarter amid a coronavirus pandemic. In the previous quarter, the decline was 0.3%. Thus, Australia has entered a recession for the first time in 30 years.

The quarterly decline in GDP has been the highest since the beginning of observations in 1959. Analysts expected a smaller reduction in the indicator – by 5.9%.

In annual terms, Australia’s GDP fell by 6.3%.

Consumer spending fell by 12.1% last quarter compared to the previous three months (down 1.2% in the first quarter). The costs for services fell by 17.6%.

Business investment fell to a record 4.9% since the fourth quarter of 2000, after falling 0.5% three months earlier.

However, government spending increased by a maximum in the fourth quarter of 1995 2.9% after rising by 2.1% quarter earlier.

Imports of goods and services in the second quarter fell by 12.9% (after a decrease of 6.7%), while exports fell by 6.7% (after a decrease of 4.4%).

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