Australia’s economy appears to slowing much more rapidly than expected, after a spurt of growth in the first half of the year.
Gross Domestic Product (GDP) grew by 0.3 per cent in the three months to September, or 2.8 per cent over the year.
That is a significant step down from the 3.4 per cent growth recorded in the second quarter National Accounts from the Bureau of Statistics.
The result is well below the analyst consensus of 3.3 per cent and reflects weaker than expected construction and capital expenditure data, as well as a general softening in the housing sector.
Despite a strong contribution from net exports and goverment spending, it appears the domestic economy has softened markedly.
The construction sector was a drag on growth while the retail and manufacturing sectors were flat.
More to come.