04 March 2009 05:59 [Source: ICIS news]
SINGAPORE (ICIS news)--Australia’s economy shrank for the first time in eight years in the fourth quarter 2008, logging in a seasonally-adjusted 0.5% contraction from the previous quarter based on data released on Wednesday by the country’s Bureau of Statistics.
Its manufacturing output registered the biggest quarter-on-quarter decline at 4.7% but was offset by a 10.4% expansion in the agriculture, forestry and fishing segment.
Australia’s terms of trade fell a seasonally adjusted 2.8% in the fourth quarter, reversing a 6.2% increase in the third, indicating that prices of its exports fell at a much faster pace compared to imports’ values.
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