Australian bank cuts 2012 economic growth forecast

Australian bank cuts 2012 economic growth forecast
10 April 2012, by James Glynn - Sydney (MarketWatch)
http://www.marketwatch.com/story/australian-bank-cuts-2012-economic-growth-forecast-2012-04-10

Excerpt:

-- National Australia Bank downgrades 2012 growth forecast for economy

-- Index shows near two-year slump in construction set to continue

One of Australia's biggest banks on Tuesday downgraded its growth forecast for the economy in the year ahead, amid worries over rising unemployment and a weak showing in the Australian economy so far in 2012.

The National Australia Bank, one of the country's big four banks, expects the economy to grow "a touch" under 3% in 2012, nudging its forecast down from a previous 3.25%.

Despite a mining boom, the Australian economy has performed poorly in the first few months of 2012, and policy makers are expecting unemployment to rise in coming months.