Summary The Australian Bureau of Statistics said GDP grew a seasonally adjusted 0.5 percent in the quarter.
SYDNEY: Australia's economy grew 0.5 percent in the three months to September and 3.1 percent from a year earlier, data showed Wednesday, with China's slowdown dampening growth.
The Australian Bureau of Statistics said gross domestic product (GDP) grew a seasonally adjusted 0.5 percent in the quarter, in line with expectations, driven by the mining and manufacturing sectors.
It compares with growth of 0.6 percent in the three months to June and year-on-year growth of 3.7 percent last quarter, lending weight to the central bank's decision to lower interest rates on Tuesday to stimulate the economy.
Mining contributed 0.4 percent to quarterly GDP growth, despite a plunge in commodity prices due to a cooling in China's economy that saw a 4.0 percent drop in Australia's terms of trade -- the value of its exports against its imports.
Private business investment accounted for 0.5 percent of GDP growth and consumer spending added 0.2 percent. Falling government spending detracted 0.5 percent.
The Reserve Bank of Australia slashed the official interest rate by 25 basis points to 3.0 percent this week -- their equal lowest since RBA independence in the early 1990s.
