Australia’s growth unexpectedly slows in second quarter
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.Details