Business
Australia in first recession for nearly 30 years – BBC News
Australia’s economy has shrunk the most since records began in 1959 due to lockdowns.
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Australia’s economy has plunged into its first recession in nearly 30 years, as it suffers the economic fallout from the coronavirus.
Gross domestic product (GDP) shrank 7% in the April-to-June quarter compared to the previous three months.
This is the biggest fall since records began back in 1959 and comes after a fall of 0.3% in the first quarter.
An economy is considered to be in recession if it sees two consecutive quarters of negative growth.
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