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Australia Central Bank Cuts Growth, Inflation Forecasts - Yahoo News

View photo Customers browse sale items in a shop in downtown Sydney, with Australia's central bank cutting its Australia's central bank Friday cut its forecasts for economic growth and inflation this year and warned unemployment would likely rise as the economy transitions away from a mining investment boom. The Reserve Bank of Australia (RBA) said gross domestic product would expand 2.25-3.25 percent in 2015, compared with a November estimate of 2.50-3.50 percent. "Growth overall is now forecast to remain at a below-trend pace somewhat longer than had earlier been expected," the RBA said in a quarterly economic update. The bank had hinted at lower growth rates fitness Tuesday when it cut interest rates to a record low of 2.25 percent in a http://coydeguisecity.wordpress.com bid to kickstart the economy. Friday's update said the economy had grown blog url at about 2.5 percent on average in the past two years but non-mining business investment was subdued. The RBA said growth in the year to June 2015 was expected to come in at 2.25 percent, the lower end of its November forecast of 2.0-3.0 percent. "GDP growth is forecast to remain a bit below trend over the course of this year, before picking up to an above-trend pace in the latter part of the forecast period as consumption growth improves, non-mining business investment lifts and LNG exports increase," it said.
More: http://news.yahoo.com/australia-central-bank-cuts-growth-inflation-forecasts-034023110--finance.html

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