Australia’s economy grew at a slower-than-expected pace in the third quarter, underscoring growing concerns about its outlook and calls for the central bank to step in with easing measures.
Gross domestic product (GDP) for the July-September rose 2.7 percent from the year-ago period,government data showed on Wednesday, falling short of a forecast in a Reuters poll for a 3.1 percent gain. The economy grew an annual 3.1 percent in the second quarter.
Quarter-on-quarter, GDP climbed 0.3 percent, missing expectations of a 0.7 percent increase and falling from the 0.5 percent rise in the second quarter. The Australian dollar dived to fresh four-year lows in response, dropping two-thirds of a U.S. cent to $0.8397, its weakest since mid-2010.