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Australian GDP takes big hit

05-30-2011 13:39 BJT

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In neighbouring Australia, Treasurer Wayne Swan says natural disasters probably cut more than one percentage point from Australia's economic growth in the first quarter.

Data from the Bureau of Statistics will likely show a dramatic hit from floods and a cyclone in Queensland, and Japan's triple disasters. That's higher than Swan's prediction in April, that the damage could cost Australian GDP 3 quarters of a percentage point. But he's confident about the future growth, as the fundamentals are strong and prospects are bright.

Editor:Xiong Qu |Source: CNTV.CN

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