Australia's gross domestic product gained a seasonally adjusted 0.3 percent on quarter in the third quarter of 2014, the Australian Bureau of Statistics said on Wednesday.
That was well shy of forecasts for an increase of 0.7 percent following the 0.5 percent gain in the second quarter.
On a yearly basis, GDP climbed 2.7 percent - also missing expectations for a gain of 3.1 percent, which would have been unchanged from the previous three months.
Terms of trade tumbled 3.5 percent on quarter and 8.9 percent on year, while real net disposable income sank 0.3 percent on quarter but gained 0.8 percent on year.
The main contributors to the increase in expenditure on GDP were net exports (0.8 percentage points) and final consumption expenditure (0.4 percentage points).
The main detractors were private gross fixed capital formation (-0.5 percentage points) and public gross fixed capital formation (-0.2 percentage points).
The main contributor to GDP growth was financial and insurance services (0.2 percentage points), with mining and information media and telecommunications each contributing 0.1 percentage points to the increase in GDP.
The main detractors to growth in GDP were construction (-0.2 percentage points) and professional, scientific and technical services (-0.2 percentage points).
Also on Wednesday, the Australian Industry Group said that the services sector in Australia remained in contraction in November, with a PMI score of 43.8.
That's up marginally from the 14-month low 43.6 in October, and it remains well below the boom-or-bust line of 50 that separates expansion from contraction.
The index now has contracted in nine consecutive months.
All of the sub-indexes contracted in November, including deliveries, stocks, employment, new orders and sales.
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Forex News
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