Australia’s economic growth slows rapidly to 2.8pc
Australia’s economy appears to slowing much more rapidly than expected, after a spurt of growth in the first half of the year.
Gross Domestic Product (GDP) grew by 0.3 per cent in the three months to September, or 2.8 per cent over the year.
That is a significant step down from the 3.4 per cent growth recorded in the second quarter National Accounts.
It is well below the analyst consensus of 3.3 per cent and reflects weaker than expected construction and capital expenditure data, as well as a general softening in the housing sector.
More to come.