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Australian GDP grew by 0.3%

Wednesday, Jun 07 2017
Australian GDP grew by 0.3%

Australian economic growth slowed sharply in the first three months of the year, leaving the annual pace of growth at the weakest level since late 2009, the tail end of the global financial crisis. According to the ABS, GDP expanded by 0.3% in the March quarter in seasonally adjusted chain volume terms, seeing the year-on-year increase slow to just 1.7%, the weakest expansion since the September quarter of 2009.

The result was in line with market expectations, but well below the 1.1% increase recorded in the prior quarter. “The Australian economy began 2017 with a whimper following a decent pace of expansion in the final quarter of 2016,” said Gareth Aird, senior economist at the Commonwealth Bank.

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