Australia GDP Data Release 1Q20

June 05, 2020

It is now clear that the Australian economy is in its first recession since 1992. GDP declined 0.3% in 1Q20. This saw the pace of annual growth slow 1.4%, down from 2.2% last quarter and compares to a recent peak of 3.2% growth over the year to Jun-18. With the impacts of COVID-19 restrictions escalating significantly in April, we will almost certainly see a large contraction in 2Q20 and a second consecutive quarter of negative growth to satisify the technical definition of recession.

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