Australia GDP Data Release 2Q20

Largest ever quarterly decline in 2Q20 confirms recession

September 03, 2020

It has been obvious for some time that COVID-19 restrictions would see a sharp drop in GDP in 2Q20 and confirm Australia’s first recession since 1991. The fall in 2Q20 was slightly worse than expected at 7.0% QoQ, but was still the largest quarterly decline recorded in Australia since quarterly figures commenced in 1959. Nevertheless, it is still better than the vast majority of advanced countries that have already reported 2Q20 GDP numbers.

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