Westpac index predicts growth

ECONOMIC growth of 3 per cent is still likely in 2017 but prospects for 2018 are “discouraging”, Westpac says. The WestpacMelbourne Institute Leading Index fell in April. Westpac chief economist Bill Evans said the index had been at or above trend for nine consecutive months, indicating economic growth in 2017 will be close to the Reserve Bank’s forecast of 3 per cent — but a contraction in housing construction could bite in 2018.