Australian Economy Grows Slightly, Falls Short of Expectations

On an annual basis, the economy grew by 0.8 percent, down from 1 percent in June, and below the expected 1.1 percent growth.

An Australian 100 dollar note is shown on Oct. 6, 2009. Greg Wood/AFP via Getty Images

The Australian economy expanded by 0.3 percent in the September quarter, marking a slight improvement over the 0.2 percent growth seen in the previous three months.

However, the quarterly growth missed the anticipated 0.5 percent increase, according to the latest data from the Australian Bureau of Statistics (ABS), released on Dec. 4.