Depth of downturn less than expected

Original article by Adam Creighton
The Australian – Page: 2 : 3-Jun-20

Australia has recorded a trade surplus of $19.2bn for the March quarter, and a current account surplus of $8.4bn. The result was driven by strong growth in export volumes and a fall in imports due to the impact of the pandemic. Meanwhile, the median forecast of economists is for GDP growth to have contracted by 0.4 per cent in the quarter, with official data to be released on 3 June. Reserve Bank governor Philip Lowe has suggested that the coronavirus-induced economic downturn may prove be less severe than initially expected.


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