Domestic activity slumping, says Hockey Shadow treasurer Joe Hockey says the latest national accounts data indicate a slowing economy. SHADOW treasurer Joe Hockey fears the local economy is losing momentum, despite a better export performance. The economy grew by 0.6 per cent in the March quarter, according to national accounts figures released on Wednesday. In annual terms, gross domestic product (GDP) growth was 2.5 per cent in the year to March, which was slower than the 3.1 per cent rate in the December quarter. Mr Hockey said the March quarter expansion was exactly half the rate recorded in the same quarter last year. He referred to Treasurer Wayne Swan's comment that the latest growth reading was an "incredible achievement." With irony, I say he is right. It is an incredible achievement, given that it was twice that level for the March quarter last year," Mr Hockey told reporters in Canberra. He said the result was overwhelmingly driven by an improvement in net exports - which refers to stronger exports against weak imports. "It clearly indicates that domestic activity continues to be in a slump," Mr Hockey said. This was combining with a deterioration in consumer sentiment following the release of the federal budget in May, he added.