Australian Economy Declines 1.2%

Hampered by flooding, an increase in taxes, and weaker demand for Australia’s exports in China and India have combined to hand the economy the greatest three-month loss since 1991. For the first three months of the year, the Australian economy contracted by 1.2 percent and while significant, it was better than many had predicted.

Despite the setback, Australian dollar gained 0.6 percent on the US dollar shortly after the news was released.

Source: BBC News

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.