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Australia’s GDP falls by 1.9% as Covid contraction less severe than feared

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Australia’s second economic contraction caused by Covid has been less severe than feared as increased public spending and a swelling trade surplus cushioned a steep drop in household spending during the east coast lockdowns.The September quarter national accounts, released on Wednesday by the Australian Bureau of Statistics, showed gross domestic product fell 1.9% compared with the previous three months.That result surprised economists who had mostly tipped a 2.5%-3% contraction.

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