Australia's Economy Grew Less Than It Was Expected To In The First Quarter

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Australia’s finance sector has helped spearhead a 0.6% growth in March quarter gross domestic product, figures released by the Australian Bureau of Statistics show.

The expansion falls below estimates, with a Bloomberg survey of economists predicting a 0.7% gain.

According to the ABS, the industries that drove growth in the March quarter were Finance, Mining, Transport and Retail. The Finance industry contributed 0.2% to GDP while the other industries each contributed 0.1%.

Read the full ABS release here.

Now read: Australia’s Reserve Bank Keeps Rate Cuts In The Tank To Fight The Country’s High Dollar

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