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Australian economic growth rate slows | Australian economic growth rate slows |
(40 minutes later) | |
Australia's rate of economic growth slowed between July and September as the high value of the Australian dollar ate into export earnings. | Australia's rate of economic growth slowed between July and September as the high value of the Australian dollar ate into export earnings. |
The country's gross domestic product (GDP) rose just 0.2% during the third quarter period, down from growth of 1.1% between April and June. | The country's gross domestic product (GDP) rose just 0.2% during the third quarter period, down from growth of 1.1% between April and June. |
Analysts said Australian consumers were also hit by higher interest rates. | Analysts said Australian consumers were also hit by higher interest rates. |
However, the Australian economy is set to continue to grow, led by demand from China for its raw materials. | However, the Australian economy is set to continue to grow, led by demand from China for its raw materials. |
Michael Blythe, chief economist at the Commonwealth Bank, said the latest economic growth figure was a "disappointing outcome". | Michael Blythe, chief economist at the Commonwealth Bank, said the latest economic growth figure was a "disappointing outcome". |
He added: "We're still churning out what's a decent rate of growth but it's not as solid as it had looked." | He added: "We're still churning out what's a decent rate of growth but it's not as solid as it had looked." |
Helped by its vast exports of iron ore and other raw materials, Australia has avoided recession for 19 years. | Helped by its vast exports of iron ore and other raw materials, Australia has avoided recession for 19 years. |
One of the country's largest iron ore producers, Anglo-Australian group Rio Tinto, announced on Wednesday $1.2bn (£770m) of additional investment in its iron ore operations in Western Australia. | |
Rio, which is increasing production, has announced $7.2bn in new investment in the region since July. |
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