Advertisement
Powered by MOMENTUM MEDIA
lawyers weekly logo
Growth

Australia suffers first quarterly contraction

3 minute read
The Adviser

December quarter GDP results released yesterday indicated that the pull of the global downturn might prove too strong for Australia to avoid recession.

In the three months to December gross domestic product contracted by 0.5 per cent, taking the annual rate of economic growth to just 0.3 per cent. This represented a substantial decline in annual growth from 1.9 per cent just one quarter prior.

With a majority of the world's most advanced economies now in recession, Prime Minister Kevin Rudd said Australia could not avoid the pull of global economy’s slowdown.

“Australia can reduce the impact, cushion the impact of the global economic tide but we cannot stop it altogether,” he said.


default

JOIN THE DISCUSSION

You need to be a member to post comments. Become a member for free today!
You have 0 free articles left this month.
Register for a free account to access unlimited free content, or become a PREMIUM MEMBER to enjoy a wide range of benefits