Australia’s economy shrinks in Q1, headed for first recession in 30 years

Sydney: Australia’s economy shrank last quarter, setting the scene for what will be the country’s first technical recession in three decades as entire business sectors were shut down to fight the coronavirus. Wednesday’s 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, […]

Emerging from shadow of COVID-19: UAE PMI data shows signs of economic recovery in May

Dubai: The UAE economy is showing signs of recovery from the contraction in May as the country emerged from its strictest lockdown measures, according to the latest Purchasing Managers’ Index data. The PMI data for May from IHS Markit showed Output fell to a much lesser extent than April’s unprecedented pace, yet firms were still […]