AAP General News (Australia)
02-24-2011
FED:March quarter GDP could be negative:Gruen
CANBERRA, Feb 24 AAP - The impact of this summer's floods and Cyclone Yasi could see
negative growth recorded in the March quarter, the department of Treasury estimates.
"The floods in Queensland, NSW, Victoria and Tasmania, and Cyclone Yasi have had a
material impact on Australia's near term economic outlook," Treasury executive director
of the macroeconomics group David Gruen told a Senate hearing on Thursday.
He said Treasury estimates the combined impact of these natural disasters will reduce
gross domestic product (GDP) growth by around half a …
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