May 31 (Bloomberg) -- Australia’s gross domestic product probably shrank 1.1 percent in the first quarter, according to the median estimate in a Bloomberg News survey today of 22 economists, a larger contraction than the 0.3 percent decline estimated in a survey yesterday.
That would be the biggest quarter-on-quarter contraction since 1991, when Australia’s economy was last in a recession.
The GDP report is due at 11:30 a.m. in Sydney tomorrow. A Bureau of Statistics report earlier today showed net exports subtracted 2.4 percentage points from GDP growth in the three months through March, more than double the decline economists forecast in a separate survey.
Treasurer Wayne Swan earlier this week said the economy suffered a “dramatic hit” from natural disasters during the first three months of the year, while calling the medium-term outlook “encouraging.”
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