Australian Economy Grows 0.3% in Q3

The government has put a positive spin on slower than expected economic growth, saying the figures are only slightly below expectations and budget measures proposed by the Coalition will strengthen the economy.

Australian Bureau of Statistics data released on Wednesday shows the economy grew by 0.3% in the September quarter, taking the yearly growth figure to 2.7%.

The Australian dollar fell below 84 US cents for the first time since 2010, which Joe Hockey said was very welcome.

Gross domestic product growth was expected to rise by 0.7% in the September quarter to take the yearly rate up to 3.1%, according to an Australian Associated Press survey of economists.

The treasurer said the growth figures were “marginally lower” than the government expected, mainly because of falling commodity prices, which “have come off very very significantly”.

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