Extreme weather threatens to dampen Australia's economy
SYDNEY. December 4. KAZINFORM Extreme weather is threatening to dampen Australia's economy in a way that up to six million Australian dollars of grain harvests can be lost in the deluge and drought across the nation for months. Kazinform refers to Xinhua.
Some worries that NSW and Victoria could suffer losses to crops of more than one billion dollars. In the west, the continuing drought is expected to cut three billion dollars off the farm industry.
The rainfall could also cause havoc for the coal industry, with some mine owners warning severe weather could put further upward pressure on coal prices.
The natural woe is expected to push the economy to the verge of contraction. Australian Bureau of Statistics (ABS) figures released this week showed the September-quarter economy grew by just 0.2 percent, on the back of the booming agricultural sector, which grew 18.5 percent as it recovered from a decade of drought. Australian Farm Institute executive director Mick Keogh said the effect of the extreme weather could push the economy into reverse. Kazinform cites Xinhua. See www.xinhuanet.com for full version