Australian Q1 economic growth lower than expected

  • Australia's economic growth came in lower than expected during the first three months of the year on the back of a drop in investment and consumer spending.

    According to figures released on Wednesday, the economy grew by an annual rate of 2.5 percent in the first quarter compared to 0.6 percent in the previous quarter.

    Analysts had expected an annual growth rate of 2.7 percent.

    The release of the figures comes a day after the Reserve Bank of Australia left its benchmark rate unchanged at a record low of 2.75 percent.

    In recent years, the Australian economy has grown at a steady rate fuelled by demand for its natural resources.

    However, demand has waned due to a slowdown in key markets such as China.

    Tagged as: Australian Q1 economic growth, economic growth of Australia, Australian economy