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Thursday, June 2, 2011

Australia’s Gross Domestic Product Fell 1.2 percent


Gross domestic product fell 1.2 percent from the previous three months, when it rose a revised 0.8 percent, the Bureau of Statistics said in Sydney today. Exports slumped 8.7 percent, subtracting 2.1 percentage points from GDP growth, today’s report showed, while machinery and equipment spending jumped 6 percent, adding 0.4 point.

While Reserve Bank of Australia Governor Glenn Stevens has held interest rates at 4.75 percent for the past five meetings to help Queensland state recover, investors today boosted bets he’ll raise borrowing costs by August.

The report looks mostly to be reflecting the impact of the Queensland floods on exports; outside of exports, domestic demand is actually pretty resilient.”

Driving the economy is mining investment the government estimates will be A$76 billion ($82 billion) next fiscal year. BHP, the world’s biggest mining company, is expanding its iron ore operations in Western Australia state’s Pilbara region.

The local dollar reached $1.1012 on May 2, the highest level since it was freely floated in 1983. The currency’s strength is hurting exporters including Henderson, Western Australia-based shipbuilder Austal Ltd.

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