Australian economy heads for first recession in 29 years after coronavirus caused GDP to drop 0.3 per cent last quarter

Australia’s economy contracted in the first three months of the year, setting up an end to a nearly 29-year run without a recession as an even deeper slowdown looms for the current quarter.Gross domestic product fell 0.3 per cent from the final three months of 2019, the first quarterly drop since 2011, brought down by a collapse in household spending, statistics bureau data showed in Sydney on Wednesday. Economists had forecast a 0.4 per cent drop. From a year earlier, the economy expanded 1.4…

from South China Morning Post https://www.scmp.com/news/asia/australasia/article/3087324/australias-gdp-dropped-03-cent-last-quarter-due-coronavirus