Australia breaks 29-year recession-free growth streak as GDP plunges
Sydney
Australia's June quarter figures revealed its largest quarterly GDP contraction on record and confirmed the country is in its first recession since 1991. The economy contracted 7 percent, according to the numbers released Wednesday, marking a staggering fall compared to the more modest 0.3-percent decline in the March quarter, and exceeding economists' predictions of a fall of around 6 percent. The GDP is now down 6.3 percent year-on-year.
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