Australian economy grows, but pace slackens

06/5/2013 | Wall Street Journal, The

Australia's economy was 2.5% larger in the first quarter than it was a year before, expanding 0.6% from the fourth quarter. The gain, however, was below expectations and reflected a slowdown in mining investment. "If you scratch below the surface, the economy is actually quite weak. Mining investment has slowed rapidly, but other sectors of the economy are not yet filling the gap," said Shane Oliver, chief economist at AMP Capital in Sydney.

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