2020.04.2205:19:00UTC+00Australia's Westpac Leading Index Signals Deepening Contraction

Australia's leading index signaled deepening contraction in March due to the coronavirus pandemic, data from the Westpac showed Wednesday.

The six month annualized growth rate in the Westpac- Melbourne Institute Leading Index fell to -2.47 percent in March from -0.97 percent in February.

The score indicates the likely pace of economic activity relative to trend three to nine months into the future. The growth rate in the indicator was the most negative since the global financial crisis.

The leading index growth rate has deteriorated 1.7 percentage points over the last six months. The two major sub-indicators, mainly US industrial production and the ASX200 accounted for the decline.