SYDNEY, March 1 (Reuters) - Australia's economy grew at
the weakest pace in a year last quarter as strength in trade was
offset by rising interest rates and high inflation, and all the
signs are a further slowdown lies ahead.
Data from the Australian Bureau of Statistics on Wednesday
showed real gross domestic product (GDP) rose 0.5% in the
December quarter, down from 0.7% in the previous quarter and
under forecasts of 0.8%.
Annual growth was still solid at 2.7%, while the report
contained plenty of evidence of cost and price pressures that
underline the case for yet further increases in interest rates
in the struggle against inflation.
(Reporting by Wayne Cole; Editing by Himani Sarkar)
Messaging: wayne.cole.thomsonreuters.com@reuters.net))
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