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Australia’s Economy Grows at Half Pace of Forecast on China Woes
Australia’s economy expanded at a slower pace than economists forecast in the three months through June -- only propped up by government and household spending -- as a slowdown in key trading partner China weighed on growth. The currency slumped. Gross domestic product advanced 0.2 percent from the first three months of the year, when it rose 0.9 percent, government data showed Wednesday. That compared with the median of 27 estimates for a 0.4 percent gain. Firms in Australia -- an engine room of the decade-long global commodity boom -- plan to cut investment in the next 12 months, betting they can meet demand from ... (full story)