Australia Q1 economy grows at slowest pace in 1-1/2 years

SYDNEY (Reuters) – Australia’s economy grew at the weakest pace in 1-1/2 years last quarter as high prices and rising interest rates sapped consumer spending, and emerging signs suggest a further slowdown ahead amid a deceleration in global growth.

Data from the Australian Bureau of Statistics on Wednesday showed real gross domestic product (GDP) rose 0.2% in the first quarter, easing from 0.5% in the previous quarter and under forecasts of 0.3%.

Annual growth was at 2.3%, also missing forecast for 2.4%.

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