The most obvious impact of this deterioration has been on the current account deficit, which increased from 3.3 per cent of GDP on average in 2011 to as much as 6.4 per cent in the second quarter of 2012, the largest shortfall since the third quarter of 2008.
But economic growth has also borne the brunt from poorer terms of trade, as well as slowing global demand, domestic work stoppages, and business concerns over the long-term supply of energy and skilled labour.