{"id":293468,"date":"2020-12-02T05:31:24","date_gmt":"2020-12-01T18:31:24","guid":{"rendered":"https:\/\/www.gomarketingteam.com\/articles\/australian-economy-bounces-back-from-recession\/"},"modified":"2021-02-19T12:13:06","modified_gmt":"2021-02-19T01:13:06","slug":"australian-economy-bounces-back-from-recession","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/articles\/shares-and-indices\/australian-economy-bounces-back-from-recession\/","title":{"rendered":"Australian economy bounces back from recession"},"content":{"rendered":"<blockquote><p><strong>By Deepta Bolaky<\/strong><br \/>\n<img style=\"float: left; width: 20px; padding-top: 4px;\" src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/08\/twitter.png\" \/>\u00a0<a href=\"https:\/\/twitter.com\/DeeptaGOMarkets\">@DeeptaGOMarkets<\/a><\/p><\/blockquote>\n<p>The Australian economy experienced its first recession in almost three decades having contracted for two consecutive quarters. Back in June, the economy slumped by 7% and encountered the worst fall on record. As other global economies, Australia was heavily impacted by an unprecedented raging pandemic. The fall in the June quarter was driven by private demand, which detracted 7.9 percentage points from GDP. The record fall in household consumption (-12.1%), accounted for over 95% of the fall in GDP.<\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-268051\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/12\/figure3_021220.png\" alt=\"\" width=\"607\" height=\"382\" \/><br \/>\nSource: abs.gov.au<\/p>\n<h4><strong>Third-quarter bounce<\/strong><\/h4>\n<p>As COVID-19 related restrictions eased across most states and territories to the exception of Melbourne which is Australia\u2019s the second most-populated and largest city, the Australian economy emerged from a recession and rose 3.3% in September quarter. The GDP figures came above expectations of a 2.5% growth. Given the havoc created by the pandemic, the level of economic activity remains low and GDP has declined by 3.8% in the year to September 2020.<\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-268036\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/12\/bouncing_021220.jpg\" alt=\"\" width=\"541\" height=\"317\" \/><br \/>\nSource: Bloomberg<\/p>\n<p>However, given that Melbourne which was the only state to record a fall driven by declines in household spending and investment has now eased restrictions, policymakers are expecting the economy to continue to grow in the fourth quarter, unlike some other major economies which are still battling a second wave of the outbreak.<\/p>\n<h4><strong>Australian share market<\/strong><\/h4>\n<p>After rising at the open, the ASX200 fell into negative territory into lunchtime with most sectors in the red while gains were seen in the materials and industrial sectors. As of writing, the index was trading relatively flat at 6,587.20 points.<\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-268021\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/12\/asx_021220.png\" alt=\"\" width=\"607\" height=\"234\" \/><br \/>\nSource: Bloomberg Terminal<\/p>\n<h4><strong>The Australian dollar<\/strong><\/h4>\n<p>While major currency pairs remained in familiar levels during the Asian session, the Aussie dollar is leading among the G10 currencies against the US dollar on the back of upbeat GDP figures. The additional funding from the central banks, governments, renewed confidence, and economic data have helped the Australian dollar to perform better than its peers.<\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-268006\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/12\/aud_021220.png\" alt=\"\" width=\"607\" height=\"182\" \/><br \/>\nSource: Bloomberg Terminal<\/p>\n<p>The AUDUSD pair rose to a session high of 0.7389 just below a key psychological level of 0.74 before retreating slightly lower.<\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-267991\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/12\/audusd_021220.png\" alt=\"\" width=\"607\" height=\"260\" \/><br \/>\nSource: GO MT4<\/p>\n<p><strong>By Deepta Bolaky<\/strong><br \/>\n<img style=\"float: left; width: 20px; padding-top: 4px;\" src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/08\/twitter.png\" \/>\u00a0<a href=\"https:\/\/twitter.com\/DeeptaGOMarkets\">@DeeptaGOMarkets<\/a><\/p>\n<p><a href=\"https:\/\/www.gomarkets.com\/forex-education-courses\/\" target=\"_blank\" rel=\"noopener noreferrer\"><br \/>\n<\/a><a href=\"\/forex-education-courses\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" class=\"alignnone\" src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2019\/02\/Next-Steps-Blog-Bottom-Banner.jpg\" alt=\"\" width=\"942\" height=\"122\" \/><\/a><\/p>\n<p style=\"font-weight: 400;\"><em>Disclaimer:\u00a0\u00a0The articles are from GO Markets analysts, \u00a0based on their independent analysis or personal experiences. Views or opinions or trading styles expressed are of their own; \u00a0should not be taken as either representative of or shared by GO Markets. \u00a0Advice (if any), \u00a0are of a \u2018general\u2019 nature and not based on your personal objectives, financial situation or needs.\u00a0 You should therefore consider how appropriate the advice (if any) is to your objectives, financial situation and needs, before acting on the advice. \u00a0If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Deepta Bolaky \u00a0@DeeptaGOMarkets The Australian economy experienced its first recession in almost three decades having contracted for two consecutive quarters. Back in June, the economy slumped by 7% and encountered the worst fall on record. As other global economies, Australia was heavily impacted by an unprecedented raging pandemic. The fall in the June quarter [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2816],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Australian economy bounces back from recession - GO Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gomarkets.com\/en\/articles\/shares-and-indices\/australian-economy-bounces-back-from-recession\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australian economy bounces back from recession - GO Markets\" \/>\n<meta property=\"og:description\" content=\"By Deepta Bolaky \u00a0@DeeptaGOMarkets The Australian economy experienced its first recession in almost three decades having contracted for two consecutive quarters. Back in June, the economy slumped by 7% and encountered the worst fall on record. As other global economies, Australia was heavily impacted by an unprecedented raging pandemic. 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