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