(MENAFN) Data showed that Australia's economy remained weak in the fourth-quarter period of 2014 as growth continued to be driven by exports, The Peninsula Qatar reported.
In the October-September period of 2014, the economy expanded by 0.5 percent, taking the 2014 rate of expansion to 2.5 percent and adding to expectations of further interest rate cuts.
The figure was below analysts' expectation of a 0.7 percent growth in the quarter for an annual gross domestic product reading of 2.6 percent, the Australian Bureau of Statistics said.
Net exports continued to support growth, expanding by 0.7 percent in the quarter, while consumption spending increased by 0.6 percent. Business inventories weakened to 0.6 percent.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.