|
|
|
|
Australia industry struggling outside mining boom -survey | |
|
SYDNEY, June 21 - Australian industry not lucky enough to be leveraged to the country's mining boom continued to struggle this quarter under the weight of a high currency and a darker global outlook, a survey showed on Thursday.
The quarterly survey from Westpac and the Australian Chamber of Commerce and Industry (ACCI) found activity overall remained in contractionary territory in the second quarter.
The survey's Actual Composite index of conditions was little changed in the second quarter at 47.9, the fifth straight reading under the 50-growth threshold.
The Expected Composite index measuring the outlook was somewhat better at 51.7, from 51.5, consistent with expectations of modest growth in the next three months.
Westpac noted the survey had tended to underestimate official measures of domestic demand in the recent past, mainly due to the contrast between a very strong mining sector and sluggishness elsewhere.
'While we expect the mining boom to remain a robust support for growth, we continue to believe the non-mining sector will remain weak,' said Westpac economist Elliot Clarke.
'Clearly the strong Australian Dollar is having a material impact on manufacturers,' he added. 'Other sectors, such as the housing construction industry, are also facing extremely tough conditions.'
|
|
|
|
|
|
|
|
© Copyright 2008 - 2013 Forex.fo
Forex.fo is not responsible for any link published on its website or the content of any website these links may point to.
|
|
|
|
|
