Australia's Economy Appears To Be Improving

By John S. McClenahen Australia's economy, which was below its growth potential a year ago, seems to be growing faster. The Conference Board's leading index of economic indicators for Australia increased 0.1% in October 2003, the most recent month for which data are available. "October's increase keeps the leading index on the slightly rising trend that began in early 2003, and the trend has steepened in recent months," says the New York-based business research group. Australia's inflation-adjusted GDP achieved almost a 5% annual growth rate in the third quarter of 2003, following several calendar quarters of about 2%, the Conference Board relates.

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