ZCZC
BCN-01
AUSTRALIA-ECONOMY-GROWTH-GDP
Australian economy grew 0.5% in December quarter
SYDNEY, March 4, 2020 (BSS/AFP) – Australia’s economy grew at a slightly
faster-than-expected rate of 0.5 percent in the last quarter of 2019,
official data showed Wednesday, in the last reading before bushfires and the
coronavirus fully hit.
Gross domestic product grew a fraction more than the 0.3-0.4 percent rate
predicted by economists, even as business investment tailed off outside the
mining sector.
The Australian Bureau of Statistics said it was monitoring a series of
natural disasters closely but warned that “more impacts are expected from
both the bushfires and COVID-19 in the March quarter”.
On Tuesday, Australia’s central bank slashed interest rates to a record low
and said it was ready to provide further action if needed as policymakers
around the world pledge economic support against the impact of the
coronavirus.
In lowering rates by 25 basis points to 0.50 percent, Reserve Bank of
Australia boss Philip Lowe warned global growth was expected to be lower in
the first half of 2020 and COVID-19 was also having a “significant effect”
domestically.
BSS/AFP/MSY/0829 hrs