Australia Reports Weaker-than-Expected Growth

Australia has reported weaker-than-expected growth for the July-to-September quarter partly due to slower domestic demand.  The nation’s gross domestic product (GDP) expanded 0.6% compared to the previous quarter and 2.3% year-on-year.

Most analysts had forecast a quarterly growth of about 0.7% and an annual expansion of close to 2.6%.  Australia’s economy has also been hurt by a global slowdown which has seen its mining boom wane recently.

“It looks like household consumption has probably been the main disappointment in the actual quarter,” said Su-Lin Ong, an economist with RBC Capital Markets.  “It very much confirms the idea of an economy that is running around sub-trend pace and has a number of challenges,” she added.

BBC

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