Australian economy expands a modest 0.6% in third quarter
SYDNEY (AFP) - Australia's mining-powered economy expanded a modest 0.6 per cent in the three months to September and 2.3 per cent on-year, according to data that came in short of consensus on Wednesday.
The Australian Bureau of Statistics figures compared with analyst forecasts of 0.8 per cent for the quarter and 2.6 per cent on-year, underscoring the challenges for the commodity-rich nation as it transitions away from a decade of dependence on mining.
The Australian dollar dipped on the disappointing data, which was seen as increasing the case for stimulatory interest rate cuts, slipping to 90.90 US cents from 91.35 US cents before its release.
Commodities continued to underpin growth, contributing 0.3 per cent to the increase in gross domestic product in the quarter, according to the ABS.