Economic growth to slow, says data

Business, Normal
Source:

The National, Thursday 22nd December 2011

SYDNEY: The outlook for economic growth has fallen back below trend, although the pace of current activity is still strong, a survey shows.
The Westpac/Melbourne Institute Leading Index, which indicated the likely pace of economic activity three to nine months into the future, was 2.65 last October, below its long term trend of 35.
This contrasted with the the annualised growth rate of the Coincident Index – which indicated current activity – which was 3.5%, above its long term trend of 3.2%.
The level of the index of economic activity rose 0.4 of a point (up 0.1%) last October.
Westpac chief economist Bill Evans said the figures were consistent with the bank’s predictions of slightly below-trend growth next year.
“It appears that the boost to above trend growth that we saw in July and August has quickly faded.” – AAP