Australia economy shrinks 1.1pc in 2020

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Sydney

Australia’s economy contracted 1.1 percent in 2020 as the coronavirus pandemic took hold, but saw a remarkable recovery late in the year as outbreaks were brought under control and restrictions lifted.

Official figures released Wednesday showed the economy grew 3.1 percent in the October-December quarter following a 3.4 percent increase in the previous quarter.

The Australian Bureau of Statistics said it was the first time since records began 60 years ago that the nation had recorded two consecutive quarters of more than three percent growth, albeit from a low base.

Prime Minister Scott Morrison tweeted that the country’s “comeback… continues to gather pace”, hailing the figures as “better than all the G7 countries and the OECD average”.—AFP

 

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