(MENAFN) Australia's economy decreased more than expected in the third quarter due to private investment falling, in another sign of the nation's rocky transition away from mining-led growth, Gulf News reported.
The economy improved by 0.3 percent in third quarter, down from 0.5 percent in the previous quarter, to take the annual rate of growth to 2.7 percent, according to the Australian Bureau of Statistics.
"These national accounts reflect, quite starkly, the resources sector switching from significant investment to significant production," Treasurer Joe Hockey told reporters.
The new figures were below analysts' forecast of 0.7 percent quarterly growth for an annual rate of 3.1 percent, and sent the Australian dollar plunging three-quarters of a cent.
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