Na­tion’s Q3 GDP down by 0.5 per­cent

China Daily (Hong Kong) - - BUSINESS -

Aus­tralia has recorded its big­gest eco­nomic fall since the global fi­nan­cial cri­sis and its first quar­ter of neg­a­tive eco­nomic growth in re­cent five years, the na­tion’s trea­surer, Scott Mor­ri­son, con­firmed on Wed­nes­day. The Aus­tralian Bureau of Statis­tics fig­ures showed the econ­omy slowed by 0.5 per­cent in the Septem­ber quar­ter and the an­nual growth rate had fallen to 1.8 per­cent, well be­low the al­ready-pes­simistic ex­pert pre­dic­tions. In a state­ment ac­com­pa­ny­ing the fig­ures, the ABS at­trib­uted the de­cline mainly to the lower out­put in the con­struc­tion in­dus­try.

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