Australia bounces out of recession as economy grows 3.3%
Wednesday, 12 02 2020, Category: Economy, Country: World
Australia’s economy grew by 3.3% in the third quarter, rebounding from its first recession in nearly three decades as it recovered from pandemic-related shocks, according to figures released Wednesday.
Treasurer Josh Frydenberg told reporters the country still has a lot of ground to make up from the coronavirus downturn.
“Australia’s recession may be over, but Australia’s economic recovery is not,” he said.
Despite the latest quarterly rise, the economy contracted at a 3.8% annual pace. That’s after GDP fell by 0.3% in the first quarter and then by a record 7% in the second quarter.