Wednesday, December 1, 2010

Australia economy grows meagre 0.2% in 3Q

SYDNEY: Australia's economy grew by a meagre 0.2% in the third quarter as a drag from exports and inventories pulled it short of already modest expectations, sending the local dollar sliding half a U.S. cent.

Gross domestic product would have contracted if not for a solid contribution from the farm sector, according to a Reuters report on Wednesday, Dec 1.

Annual growth was also lower than expected at 2.7 percent after downward revisions to the past.

Yet analysts remain optimistic that Australia is still on track for its 20th straight year without a recession as Chinese and Indian demand for resources fuels a boom in trade and mining investment that should keep growth brisk. - Reuters

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