Home > United Nations Online Network in Public Administration and Finance (UNPAN)
1. Global
2. Africa
3. Arab States
Arab States
4. Asia & Pacific
Asia & Pacific
5. Europe
6. Latin America & Caribbean
Latin America & Caribbean
7. North America
North America
UNPAN Asia & Pacific

Public Administration News  
Australia's Economic Growth Momentum to Pick Up: Survey
Source: globaltimes.cn
Source Date: Wednesday, September 18, 2013
Focus: ICT for MDGs, Knowledge Management in Government
Country: Australia
Created: Sep 23, 2013

Australia's economic activity is still tracking below trend, but figures indicate growth momentum will pick up soon, according to a survey released on Wednesday by the Westpac Banking Corporation and Melbourne Institute.


The annualized growth rate of Westpac/Melbourne Institute Leading Index, which indicates the likely pace of economic activity three to nine months into the future, was 4.1 percent in July, above its long term trend of 2.9 percent, Westpac said.


But the annualized growth rate of Coincident Index, which gives a pulse of current activity, was 2.4 percent, below its long term trend of 2.9 percent.


Westpac chief economist Bill Evans said the index pointed to a stronger growth outlook than was expected by Westpac.


"The growth rate in the Index is well below its read of 5.5 percent which it recorded in February but is up from last month (3. 4 percent) and is tracking significantly above its long term trend, " he said in a statement.


The bank's economists expect growth rate to remain at 2.5 percent throughout 2014.


"While the Leading Index tells more about near term momentum, a marked lift in the signal from the index would also have clear positive implications for the growth pulse in 2014," Evans said.


He said the Reserve Bank of Australia (RBA) recently revised down its near term growth forecast which was now in line with Westpac's view.


Evans said the Coincident Index, which provides a gauge of current conditions, rose slightly to a reading of 280.6 in July.


"Current activity is tracking below trend consistent with the current overall soft economic conditions," Evans said.

News Home

 Tag This
 Tell A Friend
del.icio.us digg this Slashdot
0 ratings
Views: 280

Comments: 0 Favorited: 0 Bookmarked: 0 Tagged: 0

0 Comments | Login to add comment

Site map | FAQs | Terms and Privacy | Contact Us
Copyright 2008-2010 by UNPAN - United Nations Public Administration Network