Australia's leading index rose in April

Sydney -- Australia's leading economic index rose 0.3 percent in April, while its coincident index gained 0.1 percent, a private research group said.

The Conference Board, which tracks global economic conditions, said building approvals made a negative contribution to April's leading index in Australia, which rose after three consecutive months of declines.

But, positive contributions came from rural goods exports and share prices, the report said.

The coincident index, measuring current conditions, gained on a jump in employment, the report said.

The coincident index has gained 0.5 percent in the past six months, an annual growth rate of 1 percent, moderately lower than the 0.9 percent growth rate for the second half of 2007, the report said.

With the gross domestic product slowing to a growth rate of 2.6 percent in the first quarter, the Conference Board predicted "a more moderate pace" for growth in Australia's economy in the near term.

Copyright 2008 by United Press International.