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.”
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
