bengaluru nov 29 reuters  australias economy likely contracted in the third quarter as fresh lockdowns weighed on consumer spending and investments but the extent of the fall was milder than the historic recession recorded last year a reuters poll showed despite australias success last year in containing the covid19 virus fresh flare ups and the stayathome rule imposed this year severely dented economic activity leading to job cuts and calls for a rampedup vaccination drive the nov 2326 poll of 24 economists showed the a207 trillion 15 trillion economy contracted 27 during the julyseptember quarter forecasts ranged from 38 to 19 if economists predictions were realised it would mark a sharp turnaround in economic activity from the 18 and 07 expansion rates in the januarymarch and apriljune quarters respectively extended stayathome orders in new south wales and victoria will have hit consumption with services spending set to be particularly impacted said felicity emmett senior economist at anz the yearoveryear growth was estimated at 30 but that was over a decline of 36 in the third quarter last year revealing no substantial growth data released by the australian bureau of statistics on thursday showed capital expenditure fell a real 22 in the third quarter but an upgrade to future spending showed analysts were expecting a rapid recovery to take hold construction activity too declined last quarter but at a much smaller rate than expected showing a recovery was not far off the fact investment held up pretty well we expect gdp to surpass its predelta level this quarter consumption will probably rebound very sharply given lockdowns have now ended said marcel thieliant senior australia  new zealand economist at capital economics despite the setback to economic growth last quarter economists do not see that trend turning into a full blown recession with about 86 of australias adult population now vaccinated and most restrictions eased a swift recovery is anticipated on higher consumer spending there is a saying that while history doesnt repeat it does rhyme the pattern for gdp in the second half of 2021 is certainly rhyming with the middle quarters of 2020 – a sharp decline followed by a large bounce wrote economists at anz reporting by shaloo shrivastava polling by md manzer hussian and devayani satyan editing by marguerita choy