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29.11.2021, 03:37

Australian economy seen contracting in Q3 amid fresh covid lockdowns – Reuters poll

The Australian economy is likely to have contracted in the third quarter of 2021 amid renewed covid lockdowns, although remains poised for a quick upturn, the latest Reuters poll of 24 economists showed on Monday.

Key quotes

“Economists showed that the A$2.07 trillion ($1.5 trillion) economy contracted 2.7% during the July-September quarter. Forecasts ranged from -3.8% to -1.9%.”

“The year-over-year growth was estimated at 3.0% but that was over a decline of 3.6% in the third quarter last year, revealing no substantial growth.”

“Despite the setback to economic growth last quarter, economists do not see that trend turning into a full-blown recession.”

“With about 86% of Australia's adult population now vaccinated and most restrictions eased, a swift recovery is anticipated on higher consumer spending.”

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