Australian officially in recession after GDP shrinks again
Australia is officially in recession.
Data released on Wednesday revealed that in three months from April to June, Australia’s GDP (gross domestic product) shrunk by seven per cent.
That drop is the biggest since records began in 1959.
It comes after Australia’s GDP fell by 0.3 per cent in the first quarter of 2020.
A recession is defined as two consecutive quarters in which a nation’s GDP shrinks.
It’s the first time Australia has been in recession in almost 30 years.