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Australian first quarter GDP ties world record for longest growth period

Australia has now equaled the world record for uninterrupted economic expansion, with 103 consecutive quarters of growth, after gross domestic product added 0.3% in the first quarter over the previous three-month period, in line with economists' expectations, Australian Bureau of Statistics data showed June 7.

The growth result, down from the previous quarter's 1.1%, put the country in a tie with Netherlands for the longest period without GDP contraction, Reuters said.

In annual terms, growth was 1.7%.

"This broad-based growth was tempered by falls in exports and dwelling investment. Dwelling investment declined in all states, except Victoria, and overall is the largest decline for Australia since June 2009," chief economist for the statistics bureau, Bruce Hockman said.

The household saving ratio fell to 4.7% in the quarter ending March, half the rate of four years ago.

The Reserve Bank of Australia left the benchmark interest rate unchanged on June 6 and said it expected the economic growth to accelerate to 3% in the coming years.