Business & Economy

Australian economy contracts 1.9 percent in 3rd quarter

Sydney, Australia, Dec 1 (EFE).- Australia’s gross domestic product fell by 1,9 percent in the third quarter of the year, which is less than expected by analysts, the Australian Bureau of Statistics (ABS) reported Wednesday.

ABS said that the GDP contracted by 1.9 percent between July and September 2021, compared to the same period last year, mainly due to a sharp drop in consumption during the pandemic lockdown.

In the previous quarter between April and June, the country’s economy grew by 0.7 percent.

The fall in GDP between July and September is the biggest since June 2020, when the Australian economy plunged 6.8 percent, its biggest in history. EFE


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