Australia GDP Adds 0.3% On Quarter In Q1

Australia's terms of trade on goods and services- the prices of exports relative to the prices of imports- rose 6.6

Australia's terms of trade on goods and services- the prices of exports relative to the prices of imports- rose 6.6

Australia's economic growth has slowed to its weakest pace in nearly eight years and there are concerns that weak housing investment and consumer spending will prevent a swift improvement.

Yet that growth allayed fears of an outright contraction and helped lift the local dollar a third of a US cent to a one-month high of $0.7542.

Economists polled by The Wall Street Journal had expected 0.3% growth on quarter and a 1.6% on-year increase, although some had forecast a negative reading. A short while ago it was up 0.4% at 75.40 USA cents.

Netherlands previously held the record with 103 consecutive quarters before the recession of 2008.

The current account deficit narrowed to a seasonally adjusted A$3.11 billion in the first quarter from A$3.51 billion in the prior three months, the Australia Bureau of Statistics said Tuesday.

The last time Australia suffered a recession in mid-1991, the internet didn't exist outside universities, top-selling cars didn't have airbags and mobile phones were the size of bricks. "That's a tremendous national achievement, but it's not one we can take for granted". "It is still a soft number, suggesting a bit of weakness in the economy and it's likely to be translated into the second quarter".

Investment in housing was also weak, down 4.4 per cent over the quarter, falling in every state except Victoria, to record the largest quarterly slump since the depth of the GFC in 2009. NSW demand was flat following a 0.7 per cent increase in the three months to December.

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Mourinho knows that only three or four quality additions are needed to make the team win its first league title in five years. Wayne Rooney seems ready to leave Manchester United as is considering a number of options for the next step in his career.

The currency touched 75.43 USA cents, the highest since May 3. It climbed 1.7 percent over the past year.

However, growth has slowed to anaemic levels in this year's first quarter.

Despite widespread fears of a consumer spending strike, household consumption actually contributed the equivalent of 0.3 percentage points to quarterly GDP growth.

He said the major bank levy would be a legislative priority when Parliament returned next week, followed by the school funding package and the instant asset write off for small business.

The Reserve Bank expected growth would return to more positive territory in the next two years.

The story Australia breaks GDP record first appeared on The Sydney Morning Herald.

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