Australia's GDP shrinks for first time in eight years Fourth-quarter contraction takes economist by surprise, currency falls

Australia's economy contracted for the first time in eight years during the October through December period, in contrast to average economist forecasts for modest growth during the quarter.

Following the release of the data, the Australian currency fell to 63.35 U.S. cents, down more than half a percent from its opening level of 63.8 U.S. cents