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Australia’s Growth Unexpectedly Slows in Second Quarter

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Australia’s gross domestic product (GDP) grew less than expected in the second quarter of this year as the economy struggled to gain momentum.

The economy expanded 0.2% from the previous quarter and was up 2% compared with the same period last year.

Quarterly growth of 0.4% had been widely expected, while the annual rate was forecast to be up 2.2%.

Growth was hit by a “significant” decline in mining and construction activity as exports also fell.

Mining production fell 3% in the quarter, according to the Australian Bureau of Statistics, as demand slowed from China, Australia’s biggest trading partner.

The economy had grown a strong 0.9% in the first quarter, its fastest pace in four quarters.

BBC

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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