Australia’s gross domestic product (GDP) grew less than expected in the second quarter of this year as the economy struggled to gain momentum.
The economy expanded 0.2% from the previous quarter and was up 2% compared with the same period last year.
Quarterly growth of 0.4% had been widely expected, while the annual rate was forecast to be up 2.2%.
Growth was hit by a “significant” decline in mining and construction activity as exports also fell.
Mining production fell 3% in the quarter, according to the Australian Bureau of Statistics, as demand slowed from China, Australia’s biggest trading partner.
The economy had grown a strong 0.9% in the first quarter, its fastest pace in four quarters.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.