September quarter GDP from Australia
Contraction of 0.5% q/q ... MISS (and a bad one, much worse than consensus estimates)
- expected -0.1% q/q, prior revised higher to +0.6%, from +0.5%
- Today's q/q contraction is the worst performance for the economy since March of 2011
Up 1.8% y/y
- expected +2.2%, prior +3.3%
More (data from the Australian Bureau of Statistics):
- Private investment in new buildings detracted 0.3 percentage points from GDP growth,
- New engineering and new and used dwellings detracted 0.2 and 0.1 percentage points respectively
- Public capital expenditure detracted 0.5 percentage points
- Net exports detracted an additional 0.2 percentage points from growth
- Australia's terms of trade rose 4.5 per cent through the September quarter
If Q4 is negative (q/q ) also this would meet the definition for a technical recession (
AUD has dropped since the release. the result (-0.5% q/q) is at the lower end of the estimates (consensus was -0.1%), so tis a very bad miss indeed.
more to come
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