Australia's mining-powered economy grew 0.6 percent in the three months to June, slightly below forecasts, and 3.7 percent from a year earlier, weighed by China's slowdown and European woes. The Australian Bureau of Statistics figure was less than half the upwardly revised 1.4 percent in the first quarter of 2012 and below analyst predictions of 0.8 percent. Year-on-year growth slowed from 4.3 percent in the March quarter to 3.7 percent for the 12 months to June 30, the ABS said, in line with market forecasts. Consumer spending was the main driver of quarterly growth, contributing 0.6 percentage points to gross domestic product, with net exports -- the value of shipments minus imports -- adding 0.3 points. The Australian dollar was little moved by the data, falling to US$1.0207 from $1.0210 prior to its release. Though exports were robust the ABS said the terms of trade fell 0.6 percent, reflecting a fall in the bullish Australian dollar and slump in commodity prices as Chinese growth slowed and Europe grappled with sovereign debt issues. The value of the key mining industry contracted 1.2 percent in the quarter, subtracting 0.1 percentage points from GDP growth, according to the ABS. RBC Capital Markets chief economist Su-Lin Ong said the data showed the best of Australia's growth for 2012 was now behind it, with headwinds to the mining industry growing significantly in recent weeks. "The more timely data tells us that momentum is waning in the third quarter and will continue to wane over the course of the second half of this year," said Ong. Canberra expects growth of 3.25 percent in 2012-13 while the Reserve Bank of Australia has tipped growth of between 2.5 and 3.5 percent and has forecast the mining boom to peak by 2014.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor