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Prospects for economic growth in Australia improved in July, but still remain "tepid" for the second half of 2009, according to the latest survey results reported by Westpac Bank and the Melbourne Institute.
The group's leading economic index for July, which forecasts economic activity three to nine months into the future, posted a reading of minus-1.8 percent in July.
The figure was an improvement over the minus-3.3 percent reading in June and minus-7.0 percent in may.
The survey noted that the index remained below its long-term trend of plus-2.5 percent.
the coincident index, which measures current economic activity, declined by an annualized rate of 0.2 percent.
Westpac Economist Bill Evans said that despite the improved reading since May, the readings for mid-2009 remained weak and were consistent with the bank's view that growth in the second half of 2009 would be "tepid." "We are expecting the annual growth pace to slow from two percent in the first half to around one percent in the second half," Evans said in a statement.
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