Australia GDP Slows to 0.2% in Third Quarter

Australia's economy grew at its slowest pace in nearly two years in the third quarter, as global volatility and a soaring currency weighed on exports, pushing the country's dollar sharply lower Wednesday.

The commodity-rich economy's average measure of gross domestic product rose 0.2% in the third quarter from the previous three months, the Australian Bureau of Statistics said. Annualized growth remained flat at 2.7%. 

The Terms of trade rose 0.8% and Real gross domestic income rose 0.3%.

In seasonally adjusted terms, the main positive contributors to expenditure on GDP were Household final consumption expenditure (0.3 percentage points), Private gross fixed capital formation (0.1 percentage points) and Public gross fixed capital formation (0.1 percentage points). The largest negative contributor was Net exports (-0.4 percentage points).

In seasonally adjusted terms, Agriculture (up 21.5%) contributed 0.4 percentage points to GDP growth driven largely by strong forecasts for grain crops.

Australia GDP Slows to 0.2% in Third Quarter, WSJ
12/2/2010 9:20:20 AM