Australia’s economy slowed sharply in the March quarter, growing by just 0.2% as government spending slowed and extreme weather events dampened demand. That followed an increase of 0.6% in the previous quarter.
The national accounts report from the Australian Bureau of Statistics (ABS) showed annual growth steady at 1.3%, below market forecasts for an improvement to 1.5%.
The result is also weaker than the Reserve Bank of Australia’s forecasts.
