Australia’s economy grew just 0.3 percent in the June quarter, official data showed Wednesday, marking an annual growth rate of 2.7 percent and adding to mounting evidence a slowdown is under way.

The latest figures come a day after Australia’s central bank cited a cooling economy as the reason behind its decision to cut interest rates for the first time in more than six-and-a-half years.

The figure is half the 0.6 percent growth recorded in the March quarter, when the annual growth rate for the 12 months to March was 3.6 percent.

The Reserve Bank of Australia on Tuesday cut interest rates 25 basis points to 7.0 percent, ending a run of 12 consecutive rate hikes.

Source: AFP