KONTAN.CO.ID - SYDNEY. Australia suffered its worst economic downturn on record last quarter as it battled the coronavirus crisis, while fresh outbreaks threaten to upend an already bumpy road to recovery and pile pressure on the government to keep fiscal taps open. Data from the Australian Bureau of Statistics on Wednesday showed the country's A$2 trillion ($1.47 trillion) economy shrank 7% in the three months to end-June from a 0.3% decline in the March quarter. This is the largest fall in quarterly gross domestic product (GDP) since records began in 1959. GDP declined by 6.3% from a year ago.
Australia's GDP shrinks at record pace as coronavirus pushes country into recession
KONTAN.CO.ID - SYDNEY. Australia suffered its worst economic downturn on record last quarter as it battled the coronavirus crisis, while fresh outbreaks threaten to upend an already bumpy road to recovery and pile pressure on the government to keep fiscal taps open. Data from the Australian Bureau of Statistics on Wednesday showed the country's A$2 trillion ($1.47 trillion) economy shrank 7% in the three months to end-June from a 0.3% decline in the March quarter. This is the largest fall in quarterly gross domestic product (GDP) since records began in 1959. GDP declined by 6.3% from a year ago.