Australia economy shrinks 1.1% in 2020

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SYDNEY, Australia (AFP) — Australia’s economy contracted 1.1 percent in 2020 as the coronavirus pandemic took hold, but saw a remarkable recovery late in the year as outbreaks were brought under control and restrictions lifted. Official figures released Wednesday showed the economy grew 3.1 percent in the October-December quarter following a 3.4 percent increase in the previous quarter. The Australian Bureau of Statistics said it was the first time since records began 60 years ago […]