A leading indicator of Australia's economic activity rose again in March, but continued to remain below its long-term trend, a survey by Westpac and Melbourne Institute showed Wednesday.
The leading index, which indicates the likely pace of economic activity three to nine months into the future, was 2.2 percent in March, below its long term trend of 2.9 percent.
This is the seventh consecutive month that the growth rate in the leading index has been below trend, Westpac's Chief Economist Bill Evans said.
The growth rate has picked up somewhat from the absolute low in November last year but the level in March does not encourage too much optimism that growth is likely to exceed trend any time soon, the economist noted.
The annualised growth rate of the coincident index, which gives a pulse of current activity, was 3.1 percent, around its long term trend of 3 percent.
by RTT Staff Writer
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