Australian economic growth slows in line with forecasts
Wednesday, 5 September 2007
SYDNEY, Sept 4 (AFP): Australia's economy grew 0.9 per cent in the three months to June, slowing slightly from the first quarter partly due to damage to the farming industry from a long-running drought, official data released today said.
The Australian Bureau of Statistics (ABS) seasonally-adjusted data compared with 1.6 per cent growth in the first three months of 2007, the strongest quarterly growth since the last quarter of 2007.
The increase was in line with economists' forecasts.
Annual growth was recorded at 4.3 per cent, slightly above analysts' forecasts and an increase from the 3.8 per cent growth recorded in the 12 months to March.
Main contributors to the rise were private business investment, up 0.7 per cent and public fixed capital formation, up 0.6 per cent, the ABS said.
The Australian Bureau of Statistics (ABS) seasonally-adjusted data compared with 1.6 per cent growth in the first three months of 2007, the strongest quarterly growth since the last quarter of 2007.
The increase was in line with economists' forecasts.
Annual growth was recorded at 4.3 per cent, slightly above analysts' forecasts and an increase from the 3.8 per cent growth recorded in the 12 months to March.
Main contributors to the rise were private business investment, up 0.7 per cent and public fixed capital formation, up 0.6 per cent, the ABS said.