Central Bank of Australia lowered economic forecast

Reserve Bank of Australia warned that the country's economy in the fiscal year ending 30 June fell by 1.25%. This is a significant decrease compared to February, when the Central Bank forecast growth to 0.25%, informs Financial Times. The Central Bank also lowered the growth forecast for the next 12 months from 1.25% to 0.5%, indicating a slow exit recession, which turned out to be short and mild compared to other industrialized countries. Central projections coincide with the estimates of analysts, and such structures as the International Monetary Fund, is also projected to decrease the Australian economy in 2009. It was expected that the data for GDP in the quarter, which ended in March, otorye will be published in early June, confirms the reduction in the second quarter, the economy running. In the previous quarter of Australia's GDP declined by 0.5%.