Australia January-March GDP growth rate Negative growth for the first time in 9 years Corona impact June 3 17:48
In Australia, the growth rate of GDP (Gross Domestic Product) from January to March was minus 0.3% compared to the previous three months, the negative growth for the first time in nine years. Due to factors such as a drop in personal consumption and exports due to the impact of the new coronavirus, the Australian government has expressed a severe view that GDP for the next three months is expected to drop further.
The Australian Bureau of Statistics announced on the 3rd that the growth rate of GDP from January to March was minus 0.3% in real terms excluding price fluctuations compared with the previous three months. It has been the first time in nine years since the first quarter of 2011, the negative growth.
The main reason for this was a drop in personal consumption and exports due to the effects of the large-scale forest fires and the new coronavirus that have continued since last year.
In Australia, economic activities have been restricted since late March to prevent the spread of the new coronavirus, but since last month, restrictions have been gradually relaxed in each state, such as allowing food to be eaten in restaurants. .
On the other hand, as a general rule, bans on entry of foreigners will continue to be taken, and the major industries such as the tourism industry will be hit, and it will take time for the economy to recover.
Finance Minister Fredenberg said, "The economic impact of a 100-year pandemic will be enormous and will be even more severe from April to June," he said.