Australia Leading Index Growth Remains Stable

(RTTNews) - Australia leading index logged steady growth in February but remained weak compared to the last year, Westpac said Wednesday.

The six-month annualized growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, held unchanged at 0.08 percent in February.

The leading index growth rate has moderated slightly to a +0.08 percent in February from +0.13 percent in September.

Westpac said the index is likely to drop further in coming months due to the impact of the central bank's recent interest rate hike and also the full effects from the conflict in the Middle East.