IMF downgrades Australian GDP estimate

THE International Monetary Fund has downgraded Australia's growth forecast for 2012 to 3 per cent, but has projected an increase to 3.5 per cent by 2013.

Releasing its April update to the World Economic Outlook on Wednesday, the IMF downgraded its estimates for Australia's gross domestic production (GDP) 0.2 per cent from earlier outlooks.

But the outlook for Australia's economy still looks good against the United States and Europe.

The outlook said the US was looking at growth of 2.1 per cent of GDP for 2012 and 2.4 per cent for 2013, while Europe continues its sad performance with projections at -0.3 per cent for 2012 and 0.9 per cent of GDP growth for 2013.

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