WORLD Floods, Covid slow Australian growth

WORLD

Floods, Covid slow Australian growth

AFP

10:33, June 01, 2022

A handout photo taken and received on March 31, 2022 from the New South Wales (NSW) State Emergency Service shows floodwaters inundating the northern NSW city of Lismore. (Photo: AFP)

Australia's economy grew by just under one percent in the first quarter, slowed by floods and the lingering impact of the Covid-19 pandemic.

The Australian Bureau of Statistics said growth slowed to 0.8 percent in the March quarter, with floods hitting the east coast and the spread of Omicron driving down working hours.

The result was roughly in line with market expectations and pointed to a windfall for the country's resources sector as prices rose for key exports like coal and iron ore.

"Exports of mining commodities rose 10.5 percent in current price terms," the bureau reported.

Growth had hit 3.6 percent in the last quarter of 2021.

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