Australia’s gross domestic product was down a seasonally adjusted 7.0 percent on quarter in the second quarter of 2020, the Australian Bureau of Statistics said on Wednesday.
That missed expectations for a fall of 5.9 percent following the 0.3 percent decline in the three months prior, sending the country into recession.
On a yearly basis, GDP dropped 6.3 percent versus forecasts for a decline of 5.2 percent after rising 1.4 percent in Q1.
Capital expenditure dropped 4.9 percent on quarter after falling 0.8 percent in the previous three months. Final consumption tumbled 8.1 percent on quarter after sinking 0.4 percent in Q1.
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