Australia’s GDP Grows at Half Expectations

“Australia’s economy expanded at half the pace economists forecast last quarter as a housing slump deterred consumer spending, sending bond yields falling and the local currency to a six-week low.

Gross domestic product advanced 0.4 percent in the fourth quarter from the previous three months, when it rose a revised 0.8 percent that was weaker than previously reported, a Bureau of Statistics report showed today in Sydney. The result compared with the median of 25 estimates in a Bloomberg News survey for a 0.8 percent gain.”

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