|09-03-2014, 05:27 AM||#1|
Australia’s expansion at slower pace in Q2
Australian economy recorded a slowed expansion during the second quarter of this year, underscoring the Reserve Bank of Australia’s plan to keep the nation’s interest rates at low-record to spur growth.
Australia’s Gross Domestic Product expanded during the second quarter of the year by 0.5%, up from analysts’ estimates of 0.4%, while the previous reading recorded 1.1% a quarter earlier.
On yearly basis, the nation’s economy expanded by 3.1% in second quarter, up from estimated 3.0%, while the previous reading recorded 3.5% a year earlier.
Yesterday, the Reserve Bank of Australia kept the nation’s interest rate at record to spur growth as well as supporting hiring in Australia’s economy, where the bank set rates at 2.50%, where the decision met analysts’ estimates.
Australia’s policymakers are expected to add more supportive measures during the upcoming stage especially in mining sector, which began to wane after supporting the nation’s economy through global financial crisis.
On the other side, Australian dollar faces many hard challenges amid the recent overvalue in Australian dollar, in line with the jumped unemployment to a 12-year high of 6.4% in July, while the company profits dropped 6.9% in Q2 the largest in five years.
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