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AUD: Australia’s Q3 GDP likely to print 0.7% - Westpac

FXStreet (Delhi) – Research Team at Westpac, expects Australian Q3GDP growth to print at 0.7%qtr and 2.1%yr (allowing for –0.2% for likely downward revisions to history from the annual national accounts).

Key Quotes

“This follows a solid start to 2015, +0.9%qtr in Q1, followed by a meek 0.2%qtr gain in Q2.

Overall conditions in the Australian economy are lacklustre, with growth uneven. Notably, the mining investment downturn is a major headwind.

Stronger output growth in Q3 is centred on a turnaround in net exports, from -0.6ppts in Q2 to +1.3ppts in Q3.

Domestic demand is forecast to contract by 0.5% in Q3, which would see annual growth hold steady at 1.2%. For Q3, business investment is a major negative, -5.0%, housing is a modest positive, +1.0%, and consumer spending is expected to be stuck at a lukewarm, 0.5%qtr, with soft incomes a constraint.”

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