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Australia has exhibited some positive trends - NAB

FXStreet (Bali) - James Glenn, Senior Economist at NAB, shares his view on the Australian economy, noting that the economy has exhibited some positive trends.

Key Quotes

"The Australian economy has exhibited some positive trends outside of the mining sector over the past 12 months, particularly via strength in residential markets."

"While strength in residential construction is assisting growth and limiting additional deterioration in the labour market, the long anticipated challenges stemming from the end of the mining investment boom are still playing out."

"As a result, GDP growth for 2013-14 is forecast to remain below trend, at 2.9%, with weak business investment and softening consumption offsetting strong exports growth and improving building activity."

"Over the longer term, GDP growth will gradually lift towards trend, reaching 3.1% in 2014-15 and 3.2% in 2015-16. Modest growth in domestic demand will keep the labour market soft. The unemployment rate is expected to remain close to 6½% over the coming months – slightly above previous forecasts."

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