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Australian GDP misses estimates

12-02-2010 08:49 BJT

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Contrasting data on the economic front from Australia as its GDP figures missed estimates. The Bureau of Statistics there says the country's economy grew at the slowest pace in almost two years last quarter.

Real GDP grew 2 tenths of a percent in the three months ending September, falling short of the widely expected 4 tenths of a percent. Compare that to the second quarter when it jumped 1 and 1 tenths of a percent.

To add insult to injury, growth for the year until September was also lower than expected at 2.7 percent, making it difficult to meet the Reserve Bank's forecast of 3.5 percent for the entire year. That surge in the value of the Australian dollar we keep reporting hasn't helped. A fall in net exports was identified as a main contributor to the slower growth.

Editor:Xiong Qu |Source: CNTV.CN

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