The Australian Government on Wednesday (7th) announced that the economy in the third quarter than in previous quarters of contraction of 0.5%, a 5-year decline for the first time, and the worst performance since the end of 2008, far worse than economists had expected slightly reduced 0.1%; blamed the decline in government spending and a rise in imports.
Diving more than 0.5% Australian dollar rushed, thrown breaking 74.20 cents. This makes Australia the previous quarter gross domestic production (GDP) growth 1.8% just over a year ago, also less than expected and 2.2%, and much less in the second quarter by a 3.3%.
Australia's GDP in the second quarter compared with the previous quarter, from 0.5% to 0.6% on growth. Australian Bureau of statistics noted that, last quarter construction output down 3.6% is the biggest killer of industry caused sharp drop in GDP, including financial, technology and real estate service industries are also shrinking. Private investment on new buildings partly contributed to Australia's quarterly GDP growth contract by 0.3% on new works and new old house parts, GDP shrank by 0.2 per cent and 0.1% respectively. Public capital expenditure also contracted 0.5%, net exports caused by 0.2%.
While the Australian small businesses sharply reduced the gross consolidated revenues of 5.8%. Australia's biggest exports, iron ore recent strong growth trends, stops in the third quarter. Australian Finance Minister Scott Morrison said, today is not only a warning, the support of national economic policies to boost investment in order to ensure that employment. Because today compared with 2008, growth in household consumption, but corporate investment was falling.
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