Australia Grows Mere 0.2% in Q2

The economy stuttered during the three months to the end of June, undermined by reduced mining and construction activity coupled with a decline in exports.

Wednesday’s national accounts showed the economy grew at a feeble 0.2% in the June quarter, half the rate expected by economists. It compares with 0.9% growth in the previous three months – one of the fastest quarterly expansions in the world during that period.

Annual growth has slowed to just 2%, well below its long-term average of 3% to 3.25%.

The treasurer, Joe Hockey, insisted the latest growth figures were in line with his budget forecasts and came at a time when other commodity-based countries were in recession.

Via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza