Australia's economic growth rate misses forecasts

Australia's central bank has recently cut borrowing costs in an attempt to boost growth.

Australia's growth was lower than forecast in the first three months of the year, as a dip in investment offset gains in exports and consumer spending.

The economy expanded at an annual rate of 2.5% in the January to March quarter. 

Compared with the previous three months, growth was 0.6%.

Most analysts had forecast an annual growth rate of closer to 2.7%.

Some analysts said that the weaker than expected data was likely to increase calls for a cut in interest rates.

"These are definitely disappointing numbers and there is surely going to be added pressure on the Reserve Bank of Australia to take steps to revive growth," Michael McCarthy of CMC Markets told the BBC. 

On Tuesday, the Australian central bank left its benchmark rate unchanged at a record low of 2.75%.