(ANSA) – SYDNEY, 2 SEPTEMBER – Australia entered its first recession since 1991, with a 7% reduction in its economy in the second quarter due to the coronavirus epidemic. The official data released today show this.
According to the Australian Bureau of Statistics, it is the fastest quarterly contraction ever recorded in the country, after having experienced 30 years of continuous growth even stopped by the financial crisis of 2008.
A country enters recession when it aligns two negative quarters: the Australian economy shrank by 0.3% in the first quarter.
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