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Australia's net trade drags on economy as tech, fuel imports surge
Australia's net trade proved to be a major drag on the economy in the first quarter as imports of data centre equipment and fuel boomed, while government spending added nothing to economic growth. Inventories were expected to add 0.2 percentage points to growth, offsetting some of the drag from trade. Australia will release the quarterly gross domestic product data on Wednesday where a slowdown is widely expected. Data from the Australian Bureau of Statistics out on Tuesday showed the current account deficit widened to A$27.1 billion ($19.41 billion) in the March quarter, from a revised A$23.0 billion the ... (full story)
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