Petrol prices dampen Australian economy – Howard

CANBERRA, Dec 9 (Reuters) – Australia’s economy has been dampened by high petrol prices and the effects will flow on into next year, Prime Minister John Howard said on Friday.

Australian Bureau of Statistics data released on Wednesday showed Australian gross domestic product grew 0.2 percent — compared with market forecasts of 0.5 percent — during the three-months to end-September and 2.6 percent on the year.
“Clearly the economy’s performance has been dampened a little by the high petrol prices. They have retreated a bit, they are still much higher than they were a year ago,” Howard told Australian radio.

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