Australia’s economy beats expectations ahead of bushfire, coronavirus impacts

Original article by Michael Janda
abc.net.au – Page: Online : 5-Mar-20

Official data shows that the Australian economy grew by 0.5 per cent in the December quarter and 2.2 per cent year-on-year. The general consensus of economists was for quarterly growth of 0.3-0.4 per cent and annual growth of two per cent. However, the full impact of the bushfires and the coronavirus outbreak will not be felt until GDP data for the first quarter of 2020 is released. Meanwhile, overall domestic demand increased by just 0.1 per cent in the December quarter, while business investment and resident construction fell. Sarah Hunter of BIS Oxford Economics says the economy is likely to contract in the March quarter, adding that the risk of a recession has increased.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, BIS OXFORD ECONOMICS PTY LTD

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s