Australia economic growth slows to 0.3% in Q1
Australia economic growth slows to 0.3% in Q1
ReutersWed, June 3, 2026 at 1:40 AM UTC
0
Australia economic growth slows to 0.3% in Q1
SYDNEY, June 3 (Reuters) - Australia's economy slowed in the March quarter as a boom in data centres boosted business investment but also sucked in imports, a pullback that is likely to worsen in the face of higher borrowing costs and fuel prices.
Data from the Australian Bureau of Statistics out on Wednesday showed real gross domestic product (GDP) rose 0.3% in the first quarter, easing from a 0.9% jump the previous quarter. Market forecasts were for 0.5%, but with downside risks.
Advertisement
Annual growth slowed a tick to a still solid 2.5% pace. The Reserve Bank of Australia judges the economy cannot grow much above 2.0% without generating inflation, leading it to raise rates three times so far this year.
(Reporting by Wayne Cole; Editing by Himani Sarkar)
Source: “AOL Money”
