360° Coverage : Reserve Bank lowers outlook for Australian economy

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Reserve Bank lowers outlook for Australian economy
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Reserve Bank lowers outlook for Australian economy

Feb 8 2013, 2:11am CST | by

Sydney, Feb 8 (IANS) The Reserve Bank of Australia (RBA) has lowered its gross domestic product (GDP) forecast for 2013 in its quarterly Statement on Monetary Policy released Friday.

Sydney, Feb 8 — The Reserve Bank of Australia (RBA) has lowered its gross domestic product (GDP) forecast for 2013 in its quarterly Statement on Monetary Policy released Friday. The RBA said that...

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1 year ago

Reserve Bank lowers outlook for Australian economy

Feb 8 2013, 2:11am CST | by

Sydney, Feb 8 (IANS) The Reserve Bank of Australia (RBA) has lowered its gross domestic product (GDP) forecast for 2013 in its quarterly Statement on Monetary Policy released Friday.

Sydney, Feb 8 — The Reserve Bank of Australia (RBA) has lowered its gross domestic product (GDP) forecast for 2013 in its quarterly Statement on Monetary Policy released Friday.

The RBA said that the Australian GDP growth is now expected to be a little below trend over 2013, at round 2.5 percent, before picking up a little in 2014, reported Xinhua.

"The outlook for the Australian economy is slightly weaker than it appeared at the time of the November Statement," the RBA said in the statement.

"These forecasts have been revised down since the November statement, largely reflecting the slightly weaker outlook for mining and non-mining investment."

The RBA mentions several reasons for lowering the outlook for the Australian economy, including the expectation that the mining investment boom will peak in 2013, the effect of the persistently high level of the Australian dollar and little sign of a near-term pick-up in non-mining investment.

The central bank expects inflation to remain in its target range of two to three percent in 2013.

"Over the next few quarters, the pace of underlying inflation is expected to remain at an annual rate of around 2.5 percent and continue to be consistent with the inflation target for the rest of the forecast period," the RBA said.

IANS

Source: IANS

 
Update
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Talking Points: British Pound May Give Back Some Recent Gains if CPI Data Disappoints Upbeat US Inflation Data May Help US Dollar Correct Higher Pre-FOMC Aussie Dollar Fell as Minutes from June RBA Meeting Struck Dovish Tone UK inflation data headlines the economic calendar in European hours. The headline year-on-year CPI growth rate is expected to tick lower to 1.7 percent in May. A print in line with expectations would fall in line wi ...
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Good morning! Markets on the rise. US futures are up a bit. German stocks are up 0.9%. The UK is up 0.12%. Italy is gaining about 0.3%. Japan gained 0.29%. Overnight, the biggest mover was the Aussie dollar, which slid on dovish minutes from the Reserve Bank of Australia. Oil has come off a bit in recent days. According to Kit Juckes, the market is hopeful that the conflict in Iraq won't continue to go south, and ...
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6 weeks ago

Interest rates to hold steady, says RBA

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BORROWERS can rest assured that interest rates won’t be going anywhere in the foreseeable future, the RBA’s latest minutes sugges ...
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7 weeks ago

Top Trade Idea For June 11th, 2014 – AUD/USD

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Heading into tomorrow’s Asian session, most traders will be focused on the RBNZ’s interest rate decision and its impact on the New Zealand dollar. However, the AUD/USD has been quietly rallying for the past seven days and a developing technical pattern suggests that the Aussie may steal the Kiwi’s spotlight in the latter half of this week. Tackling the economic outlook first, data from Australia, as well as major trading partner China, has ...
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<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

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