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AUSTRALIAN ECONOMY WEAKER IN MARCH QUARTER: SURVEY.
SYDNEY, June 2 Asia Pulse - Australia's economy was weaker in the March quarter, with the rate of growth predicted to have fallen below 3.0 per cent, according to the latest AAP survey.
The AAP economic indicator for June showed gross domestic product (GDP) was likely to have grown 0.6 per cent in the March quarter, seasonally adjusted, to be up 2.9 per cent in the year to March.
GDP grew by 0.4 per cent in the December quarter, adjusted for an annual lift of 3.0 per cent.
The March quarter data will be published by the Australian Bureau of Statistics on June 4.
Westpac Bank senior economist Huw McKay said economic growth was winding back.
"We've basically taken one percentage point off from where we were a year ago and you can blame the drought for that," he said.
SG Australia chief economist Glenn Maguire said a fall in the biggest contributors to GDP, private consumption and business investment, would weigh on the March quarter result.
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Source: HighBeam Research, AUSTRALIAN ECONOMY WEAKER IN MARCH QUARTER: SURVEY.