Coronavirus causes Australia to enter recession for first time in 28 years

Signs in store window advertise that they are closing in Sydney (AP)
Signs in store window advertise that they are closing in Sydney (AP)
Wed, 02 Sep, 2020 - 11:49
Associated Press Reporter

Australia’s economy has suffered its sharpest quarterly drop since the Great Depression because of the pandemic, with official data released on Wednesday confirming the country is experiencing its first recession in 28 years.

The latest national accounts showed the economy shrank 7% in June, the biggest contraction since records began in 1959.

You have reached your article limit. Already a subscriber? Sign in

Unlimited access starts here.

Try from only €0.25 a day.

Cancel anytime

CONNECT WITH US TODAY

Whatsapp logo

WHATSAPP

Newsletter logo

NEWSLETTERS

Notification logo

NOTIFICATIONS

Be the first to know the latest news and updates

More in this section

Irish suburban neighborhood GDP projected to contract this year driven by multinational sector 
Canada GDP Grows 2.2% In First Quarter, Beats All Forecasts Trump rekindles trade war with 50% tariff threat on Canadian goods
Spring Economic Statement Government debt grew by €5.5bn during the first three months of the year
Recession#COVID-19Place: International
<p>Skillnet Ireland chief executive Mark Jordan with Minister for Further and Higher Education, Research, Innovation and Science, James Lawless  and Brigid McManus, Skillnet Ireland chair. More than 11,600 workers in Cork took part in State-backed upskilling initiatives in 2025, according to the Skillnet Ireland Annual Report.</p>

11,600 workers in Cork used State's upskilling initiatives 

READ NOW

The Business Hub

Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Latest

The Business Hub

Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Fergus Finlay
Fergus Finlay

Analysis

Lunchtime News

Newsletter

Get a lunch briefing straight to your inbox at noon daily. Also be the first to know with our occasional Breaking News emails.

Revoiced

Newsletter

Had a busy week? Sign up for some of the best reads from the week gone by. Selected just for you.

Most Read

Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited