Australian economy rises 3.3% in latest quarter

The Australian economy is recovering from the coronavirus pandemic and associated lockdowns, according to the Australian Bureau of Statistics (ABS).

The ABS published its economic data and statistics for the quarter ending 30 September 2020 this morning. It reported that economic activity, as measured by gross domestic product (GDP), rose 3.3% on a seasonally adjusted basis for the 3 months ending 30 September.

ABS national accounts head Michael Smedes said that number represented a “partial recovery” for the Australian economy.

The 3.3% growth rate comes after the Australian economy shrank by a record 7% in the previous quarter (the 3 months to 30 June). However, in terms of annual growth, the ABS has recorded a 3.8% drop in…