Australia's economy grows 0.2% in Q3
2010-12-01 14:41:46
The Australian economy grew at its slowest pace since the depths of the global financial crisis, expanding by just 0.2 percent in the September quarter, the latest national accounts showed on Wednesday.
The figures released by the Australian Bureau of Statistics ( ABS) showed September quarterly figure marks a big fall from the June quarter, where growth was much stronger at a revised 1.1 percent.
A slump in net exports was the main drag on the economy, detracting 0.4 percent from the quarterly figure.
Household consumption was the largest contributor to growth in the quarter, along with a strong performance from agriculture sector.
The annual gross domestic product rate, in seasonally-adjusted terms, was 2.7 percent.
According to Australia Associated Press, the median market forecast was for growth of 0.5 percent in the September quarter, and an expansion of 3.4 percent in the year to the end of the September quarter.
Immediately after the data was released, the Australian dollar fell from around 96.1 U.S. cents to 95.6 U.S. cents.