A measure of economic growth improved slightly in May, suggesting the worst of the downturn in Australian may be over, a report says.

The annualised growth rate of the Westpac-Melbourne Institute leading index of economic activity was minus-3.9 per cent in May.

This was a slight improvement in the index, which predicts the likely pace of economic activity three to nine months in the future, from a reading of minus-4.1 per cent in the previous month.

The rate has been edging higher for the past three months.
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The Australian economy appears to be strengthening, with its annual pace of contraction forecast in April not as severe as in previous months, a survey says.

The Westpac/Melbourne Institute leading index of economic activity rose by 0.7 per cent in April and was down 3.5 per cent over the year, according to the survey released on Wednesday.

The annualised result follows readings of minus 5.1 per cent in March and minus 6.1 per cent in February.

But the index, which indicates the likely rate of economic activity three to nine months into the future, remains below the long-term trend growth rate of three per cent.
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