Australia enters recession after three decades of growth

Australia has entered its first recession since 1991 after the economy shrank 7 percent during the second quarter, official figures showed Wednesday, as the country reels from the coronavirus pandemic.

The Australian Bureau of Statistics said it was the fastest quarterly contraction on record and ends a record three-decade run of economic growth that was undented even by the global financial crisis.

A recession is defined as two consecutive quarters of contraction.

The economy shrank 0.3 percent in the previous three months. — Agence France-Presse