4 Dec 2013
Flash: Australia GDP up next - Westpac
FXstreet.com (Bali) - Expectations for Australia’s Q3 GDP growth have been on the rise, mostly due to the positive surprise on net exports, notes Sean Callow, FX Strategist at Westpac.
Key Quotes
"Company profits were also on the firm side but inventories will produce a larger drag on growth."
"Westpac sees enough offsetting inputs to leave our headline GDP forecast at 0.7% q/q, 2.5% y/y. Consumption and business investment (engineering construction) should both rise about 0.7%. Annual benchmark revisions will muddy the picture."
"While Bloomberg still lists 0.7% as the median forecast, some forecasters raised their estimates on Tue (Reuters now says 0.8% median) so AUD could see a slight dip on a 0.7% print."
Key Quotes
"Company profits were also on the firm side but inventories will produce a larger drag on growth."
"Westpac sees enough offsetting inputs to leave our headline GDP forecast at 0.7% q/q, 2.5% y/y. Consumption and business investment (engineering construction) should both rise about 0.7%. Annual benchmark revisions will muddy the picture."
"While Bloomberg still lists 0.7% as the median forecast, some forecasters raised their estimates on Tue (Reuters now says 0.8% median) so AUD could see a slight dip on a 0.7% print."