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Australian GDP tanked between 2013 and now. It's a recession by definition. This is trivial to verify.
by zavi 8y ago
Australian GDP tanked between 2013 and now. It's a recession by definition. This is trivial to verify.
- adventured 8y agoFor reference, Australia's GDP went from $1.57t in 2013, to $1.38 in 2017. Nearly all nations tanked similarly, but only when priced in US dollars. It was caused by a record USD bull run. The USD gained a lot of ground vs the AUD in just two years. Germany went from $3.88t to $3.36t one year later. France went from $2.85t to $2.43t one year later. Canada went from $1.84t to $1.55t in two years. Japan went from $6.2t in 2012, to $4.4t in 2015. I assure you, their economy didn't actually contract by 29% in three years. That's solely due to the dollar / yen exchange. They didn't shutter a third of their stores or factories. A year later their USD GDP value jumped by ~11%, solely due to the exchange rate, their economic production did not expand by 11%. The US dollar dropping by a considerable amount during the Bush years, was similarly responsible for artificially inflating the GDP of Australia (and all nations) in USD terms.