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Australia's economy takes sharpest dive since in 1930s
Updated On: 02 September, 2020 01:49 PM IST | Canberra | AP
The latest national accounts showed the economy shrank 7 in the June, the biggest contraction since records began in 1959
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A pedestrian walks along a deserted Burke Steet Mall in Melbourne's central business district. Pic/ AFP
Australia's economy has suffered its sharpest quarterly drop since the Great Depression because of the pandemic, with 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 the June, the biggest contraction since records began in 1959. Its nearest rival was a 2% fall in June 1974, an economists estimate a sharper fall in the early 1930s when Australian became one of the world's hardest countries by the Great Depression.
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