ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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inflation occurred.
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industrial output rose by 2.3%.
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everyone in Australia was 2.3% better off.
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None of the above is true.
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Detailed explanation-1: -2019-20 economic overview. The Australian economy contracted by 0.3% in chain volume terms in 2019-20, ending 28 consecutive years of economic growth. Economic activity in 2019-20 was impacted by the COVID-19 pandemic and bushfires, leading to GDP per capita falling by 1.7%, the first decline since 2008-09.
Detailed explanation-2: -Other sectors include: manufacturing (11 percent) and construction (9.5 percent). The Australian economy expanded 0.5% qoq in Q4 of 2022, less than market forecasts of a 0.8% increase, and after an upwardly revised 0.7% rise in Q3.
Detailed explanation-3: -Real GDP decreased 3.5 percent in 2020 (from the 2019 annual level to the 2020 annual level), compared with an increase of 2.2 percent in 2019 (table 1).
Detailed explanation-4: -A fall in household consumption detracted 1.6 percentage points from GDP, recording the first annual fall since 1959-60. Private investment detracted 0.8 percentage points with reduced investment on dwellings and machinery and equipment.