|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    20th of February 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Economy News feed Economy News

All Financial News feed All Financial News




Australia cuts growth forecast

Bookmark and Share

by Kay Mitchell
”Australia

The Reserve Bank of Australia (RBA) has slashed its growth forecast after flood and cyclone disaster damaged the economy.

The economy, dubbed the “wonder from down under” has recently experienced a slowdown after the disasters led to a fall in coal and agricultural exports and resulted in the economy contracting in the first quarter – the largest contraction since 1991.

However, it is one of the few developed economies not to have fallen into recession like its counterparts throughout the world.

Meanwhile, the central bank now expects growth to be 3.25% in 2011 – much lower than an earlier estimate of 4.25%.

The revision comes shortly after it was revealed retail sales fell 0.1% in June on a monthly basis – the second consecutive monthly fall.

Furthermore, consumer confidence in the country has dived to “below-average levels”.

Discuss this in the Finance Markets forums

Story link: Australia cuts growth forecast



News posted: August 5, 2011

Financial Services:





Related financial stories to: Australia cuts growth forecast:
Previous: «
Next: »

Visited 2487 times, 1 so far today

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Tags: , ,