Australia's economy is in recession, Treasurer says after first quarter GDP contracts
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SYDNEY (Reuters) - Australia's economy is already in recession, the country's treasurer said on Wednesday, after official data showed gross domestic product fell last quarter as entire business sectors were shut down to fight the coronavirus.Data from the Australian Bureau of Statistics (ABS) showed the A$2 trillion ($1.39 trillion) economy contracted 0.3% in the quarter ended March, the first decline in nine years.That took the annual growth to 1.4%, the slowest since the 2009 global financial..