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Australia falls into recession; GDP dives sharpest since 1930s

Sep 02, 2020 14:07 IST

Australia's economy has suffered its sharpest quarterly drop since the Great Depression because of the pandemic, with data released on Wednesday confirming the country is experiencing its first recession in 28 years. The latest national accounts showed the economy shrank 7% in the June quarter, the biggest contraction since records began in 1959. Combined with a smaller 0.3% drop in the March quarter, the definition of a technical recession -- two consecutive quarters of contraction — has been fulfilled.

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