PHOTO: Australia
Australia has entered a “per-capita” recession for the first time in 13 years.
New government figures have confirmed the nation’s economy has slowed notably, recording its second straight quarter where the economy shrank on a per-capita basis.
What does this mean? GDP, or gross domestic product, measures the total value of goods and services produced by a country. This is used to assess how that country’s economy is going.
On a per-capita basis, Australia’s total GDP growth level has shrunk over two consecutive quarters. It shrank at 0.1 per cent and 0.2 per cent in the September and December quarters respectively, according to the Australian Bureau of Statistics.
A recession is defined as two consecutive quarters of negative economic growth, which the nation hasn’t experienced since 1991.
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