News Headline Summary

Australia's economy is exp. to grow at a weaker pace over the next 2 years as the governments belt tightening measures effect demand and a strong currency weighs on exports, but a slew of projects in the mining sector will provide support, citing the OECD

OECD semi-annual report said:

- Australia's GDP is seen at 3.0% in 2013 and 3.2% in 2014, down from an expected 3.7% for 2012.
- Headline inflation seen at 2.8% in 2013 and 2.3% in 2014, vs. 1.8% estimate for 2012.
- Warned that a sharp slowdown in China was a risk for the economy.
- New Zealand GDP forecast trimmed for 2013 to 2.4% compared with an earlier projection of 2.8%, but sees an acceleration to 2.9% in 2014.

27 Nov 2012 - 23:20 - - Source: Newswires

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