The Australian gross domestic product contracted by 1.2% during the first quarter of the year, compared with a previous expansion by 0.7% in the 4th quarter of 2010, while the forecasts estimated of -1.1%.

Moreover, The GDP (YoY) concerning the first quarter shrank to 1.0% from a previous of 2.7%, while the actual reading came inline with the expectations that referred to 1.0%.