World Business Briefing: Australian Economic Growth Slowed in Quarter
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AustraliaÂs economy grew at its slowest pace in three years in the second quarter as higher interest rates and record fuel prices curbed consumer spending. The gross domestic product rose 0.3 percent from the first quarter, the Bureau of Statistics said. Consumer spending slowed, rising 0.6 percent in the second quarter after increasing 0.9 percent in the first quarter, the report showed. A drop in inventories subtracted 0.7 percentage point from growth in the quarter, and net exports subtracted 0.2 percentage point from growth. First-quarter growth was revised lower to 0.7 percent from 0.9 percent. Also, the Reserve Bank of Australia left its benchmark interest rate unchanged at 6 percent.
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The nation's economy grew at its slowest pace in more than a year in the second quarter, weighed down by rising energy prices and slipping exports.
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The service sector of the economy showed slower growth in January, as the rate of expansion in both employment and inflation pressures softened, the Institute for Supply Management said Thursday.
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Germany's hesitant recovery slowed in the third quarter as exports slipped, with the economy growing by just 0.1 percent from the previous three months, according to government figures released Thursday.
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Annual economic growth in China has slowed for the third quarter in a row, falling to 9.1 per cent, third-quarter data shows. The slowdown shows the economy is responding to Beijing&#39;s efforts to rein in break-neck investment and lending.
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The Philippine economyâs projected 4.5-percent growth in 2005 would be the slowest among developing Asian economies, fresh data from the World Bank show.
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Growth in the eurozone economy slowed slightly to 0.5 percent in the second quarter and is set to maintain roughly that pace for the rest of the year, the European Commission said Tuesday.
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Australia's economy loses jobs for the third month out of four - news which could spell trouble for the country's strong growth.
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Australiaâs current account deficit widened to a record level in the third quarter, putting downward pressure on the nationâs fast-growing economy and sending the countryâs currency lower.
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WASHINGTON -- Business growth slowed to a 2.2 percent pace in the late summer, a much better performance than anticipated and an encouraging sign that the housing slump hasn't significantly dragged down the economy.
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Australia's economy is well positioned to ride out the turbulence in world financial markets and will grow around 4.4 percent this fiscal year, the International Monetary Fund said Thursday.
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BRUSSELS, Belgium  - The growth of the euro-zone economy slowed in the final quarter of 2004 as Germany, the Netherlands, Italy and Greece each experienced a contraction in output, European Union data showed Tuesday.
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Economic growth slowed sharply in the third quarter to its weakest level since the run-up to last year&#39;s Iraq war, reinforcing expectations the Bank
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WASHINGTON -- The economy nearly stalled in the first quarter with growth slowing to a pace of just 0.6 percent. That was the worst three-month showing in over four years.
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WASHINGTON : A closely watched index of future economic activity fell for a third straight month, suggesting a tepid pace of growth for the world&#39;s largest economy, analysts said.
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Australia pared its economic growth forecast yesterday because of sluggish exports, as expected, but said rising tax receipts would boost the country&#39;s budget surplus.
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SYDNEY (Dow Jones)--Australian economic growth slowed sharply in the third quarter, hurt by a sluggish export sector with some offset coming from still buoyant domestic demand.