Australia January - March GDP growth beats already raised expectations
+1.0 % q/q … beat
- expected 0.9% q/q, prior 0.5%, revised up from 0.4%
- best since Dec Q of 2011
+3.1 % y/y … beat
- expected 2.8% y/y, prior 2.4%
- best in 7 quarters (a year and 3/4)
Yowza …. check out the 'exports' contribution …. gotta be happy about that!
I ain't gonna bother with the nit picking of all the potential issues with the numbers - plenty of 'analysts' will be doing this. I've already seen a hatin' tweet that Australia is doomed and has been cruising on luck since 1991. What doesn't occur to these plonkers is that they've been wrong for 27 years (and counting) …. Yes … TWENTY SEVEN YEARS WRONG
Think about that (they sure ain't!). Still whatever sells rubbish newsletters, right?
Anyway, a downside for the data ….. consumer spending added just 0.3 ppt
Not surprising, how long have we all been going on about high household debt and slow wage growth and very slow retail sales?
Yep …. there is a downside (at least one) if you are after one
hey, while I'm at it … another few ….
- per capita growth is slow, around 1% …. that is not great
- real GDP growth is around 2.5% pa
- household saving rate 2.1%, its lowest since the December Q of 2007
---
For background (I've only done about a million ****in' posts on the GDP, but here are two ;-)
