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Australia's Building Approvals Decline 7.8%

4/2/2012 1:06 AM ET

Australia's building approvals declined a seasonally adjusted 7.8 percent month-on-month in February, data from the Australian Bureau of Statistics showed Monday.

This was the steepest fall in approvals since November last year and followed an upwardly revised 1.1 percent increase in January. Economists expected a 0.5 percent rise in the number of building permits in February.

The number of total dwelling units approved was 10,771 during the month, 15.2 percent less than a year earlier. The number of private houses approved in February fell 3.4 percent month-on-month to 7,214.

by RTT Staff Writer

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