Figures from the Australian Bureau of Statistics out on Wednesday showed gross domestic product (GDP) rose 0.7% in the June quarter. That was a step down from 1.9% in the March quarter, but topped forecasts of 0.5% and avoided analysts’ worst fears of a negative outcome. That painful pattern was playing out again as strict stay-at-home rules in Sydney, Melbourne and Canberra are set to see the economy shrink 2-3% or more this quarter. Current projections are the country could reach 70% of adults vaccinated some time in October, which would allow for a relaxation of rules. On the positive side, nominal GDP reached a record A$2.07 trillion ($1.51 trillion) for the year, making it the world’s 11th largest economy.

Source: MetroXpress September 01, 2021 02:00 UTC