Australian economy growing

Last Updated: Wed, Dec 05, 2012 08:00 hrs

Sydney, Dec 5 (IANS) Australia's economy grew by 0.5 percent in the September quarter, taking annual pace of gross domestic product (GDP) growth down to 3.1 percent, data released from the Australian Bureau of Statistics (ABS) said Wednesday.

The ABS said growth for the September quarter was driven by a 0.5 percent contribution from private business investment, a 0.3 percent contribution from changes in inventories and a 0.2 percent contribution from household consumption expenditure, reported Xinhua.

These increases were partially offset by a 0.5 percent fall in public investment, the ABS added.

Mining, manufacturing and health were the industries that drove economic growth in the September quarter.

Macquarie Bank senior economist Brian Redican said the rate of growth for the September quarter was fairly sluggish, predicting the Australian economy was likely to weaken in 2013.

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