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The Westpac – Melbourne Institute Leading Index registered -3.9 per cent in May, highlighting a modest recovery in Australia’s economic outlook.
The index is a marked improvement on the February 2009 low of -6.1 per cent.
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The index looks at the likely pace of economic growth three to nine months into the future.
The current result indicates that there are further economic declines ahead, although not as severe as originally thought.
Westpac expects that GDP data for the three months to the end of June may come in showing modest growth, making it less likely that Australia will enter a technical recession.
