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Financial News: Australia Q1 Completed Construction Work Falls 0.7%

Australia Q1 Completed Construction Work Falls 0.7%

05/23/2017 - 22:16:00 (RTTNews)

(RTTNews) - The total value of construction work completed in Australia slipped a seasonally adjusted 0.7 percent on quarter in the first three months of 2017, the Australian Bureau of Statistics said on Wednesday - coming in at A$46.416 billion.

That missed forecasts for a decline of 0.5 percent following the 0.2 percent contraction in the previous three months.

On a yearly basis, the value of construction work completed was down 7.2 percent.

Total building work completed fell 2.8 percent to A$26.227 billion in the March quarter. It was down 2.1 percent on year.

Engineering work completed gained 2.2 percent to A$20.189 billion in the March quarter. It plunged 13.0 percent on year.

Residential building work completed fell 4.7 percent to A$17.219 billion in the March quarter. It was down 3.1 percent on year.

Non-residential work completed gained 1.0 percent to A$9.008 billion in the March quarter. It fell 0.1 percent on year.

Also on Wednesday, the latest survey from Westpac Bank showed that a leading index for the Australian economy declined in April, easing 0.12 percent.

That follows the 0.08 percent increase in March.

The six-month annualized growth rate slowed to 0.92 percent from 1.11 percent in March.

Individually, the main factors in improvement were rising commodity prices and a steepening yield curve - although both slowed from the previous month.

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