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AUSTRALIA'S GDP RISES 0.1 PCT IN DEC QUARTER: ABS.
CANBERRA, March 2 Asia Pulse - The Australian economy grew by just 0.1 per cent in the December quarter, the Australian Bureau of Statistics said today.
On an annual basis, GDP grew just 1.5 per cent.
The bureau said non-farm GDP grew by 0.2 per cent for the quarter.
On the expenditure side there was a 0.8 percentage point increase in business investment and a 0.5 percentage point increase in total final consumption.
But Australia's trade deficit sliced 0.6 percentage points from the final figure, while falls in inventories (down 0.6 percentage points) and private capital spending on dwellings (down 0.2 percentage points) held back growth.
There was a positive contribution to growth from a range of industries, while three industries - construction, retail trade and property and business services - all detracted from growth.
The 0.1 per cent increase for the quarter was the worst performance since the December quarter of 2000 when the economy contracted.
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Source: HighBeam Research, AUSTRALIA'S GDP RISES 0.1 PCT IN DEC QUARTER: ABS.