Australia's economy grows 2.5% on year

Australia's economy grew 2.5% in the fourth quarter of 2014 from a year earlier, marking its slowest pace of annual growth last year.
The economy grew 0.5% in the October to December period from the last quarter, when quarterly growth was 0.4%, according to the (BBC).
Both figures were in line with economists' expectations.
The data comes a day after the Reserve Bank of Australia decided to leave interest rates unchanged at a record low of 2.25%, despite calls for a cut.
Katrina Ell, economist at Moody's Analytics, said the country's economy performed " reasonably well" in the fourth quarter, regaining some of the momentum lost in the previous three months.
"But the data does not change our view that further rate cuts are needed to lift the non-mining economy as mining investment drags on growth," she said.