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Australian economy slowing sharply
Economy grew by 0.5per cent
Down heavily from early 2012
Mining sector tiding us over
ECONOMIC growth is slowing sharply with the retail and housing sector flat lining as the mining boom stalls.
The economy grew by just 0.5 per cent in the September quarter, the slowest rate of growth in 18 months and below market expectations. This took annual rate of Gross Domestic Product to 3.1 per cent, in seasonally adjusted terms, the Australian Bureau of Statistics data showed.
This is down heavily from the growth levels of more then 4 per cent registered earlier this year. Economists had expected GDP to rise by 0.6 per cent in the September quarter, according to an AAP survey of 13 economists.
Spending on rose 0.3 per cent in the September quarter and was up 3.3 per cent over the year. And while investment in dwellings rose 0.7 per cent in the quarter it is still down 6.3 per cent in the year to September.
Macquarie senior economist Brian Redican said the strength of the mining sector was tiding Australia over for the moment, but the economy was likely to weaken in the months ahead.
"This is a fairly sluggish rate of growth, even with mining investment adding to growth, and before the major fiscal cutbacks begin to come through,'' he said. "Those cuts are starting to have an impact, but a negative impact, particularly from mining, is just going to get larger through 2013.''
Mr Redican said rate cuts from the Reserve Bank of Australia could provide some relief, but previous rate cuts had taken a long time to filter through the economy.
With AAP. |
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楼主: tysquare
发表于 5-12-2012 16:47:10
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