A 3.3% GDP rise for the September quarter in Australia hints at the end of the recession that has plagued 2020 due to COVID-19.
The Australian Bureau of Statistics (ABS) revealed that the country’s GDP rose 3.3 per cent in the September quarter.
This signals the end of the recession that has occurred throughout 2020, which is defined as two or more quarters of economic decline.
Throughout 2020, until the September Quarter, Australia’s GDP in total has fallen 3.8 percent, falling 7.0 percent in the June quarter alone.
The ABS reports that household spending rose 7.9%, spending on services rose almost 10%, and “the easing of restrictions also increased demand for goods, which rose 5.2 percent.”
Australia’s treasurer Josh Frydenberg said that “the Australian economy is coming back. Facing a once-in-a-century pandemic that has caused the greatest economic shock since the Great Depression,”
“Australia has performed better on the health and on the economic fronts than nearly any other country in the world.”Australia’s economic recovery is under way.”
In the U.S., economic recovery was also felt in the third quarter, with a 33% record recovery made after record losses.
However, with rising tensions between Australia and China, and tariffs being placed on Australian imports to China, time will tell how Australia’s economic recovery pans out.