Australia witnesses first recession in nearly 30 years as GDP falls by most on record

Official figures on September 3 revealed that Australia has officially entered its first recession after nearly thirty years. June quarter Gross Domestic Product number dipped 7 percent, which is seen as worst fall on record. According to Australian Bureau of Statistics (ABS), latest figure follows a fall of 0.3% in March quarter this year. reason cited behind this fall is, lockdown driven shut down of private sector. He of National Accounts at Australian Bureau of Statics, Michael Smedes said reason behind this fall is global pandemic and containment policies invoked to curb virus. Australia was only major world ecomy to avoid recession during 2008 global financial crisis. At that time China’s demand for Australia’s natural resources helped Australian ecomy.

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According to a report by Australian Bureau of Statics, number of recipients of ditional support payment increased and social assistance benefits in cash rose to a record of 41.6%. Spending on services dropped 17.6% after a decrease in transport services, operation of vehicles and hotels, cafes, and restaurants. Commenting on this fall Smedes said, June quarter witnessed a significant fall in household spending on service as households alerted ir behavior and restrictions were put in place to contain spre of coronavirus.

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Coronavirus cases in Australia

Last month Australian state of Victoria imposed a lockdown to curb spre of contagious virus. death rate in Australia is low as compare to or countries. Currently, world's smallest continent has reported more than 25,000 cases and re are more than 600 deaths because of COVID-19. On August 31, Australia reported fewer than 100 new coronavirus cases,   lowest number in two months as authorities appeared to bring outbreak in country under control.

(Im credit-AP)

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