Barely changed on the month. Previus month revised to -0.19%
Still languishing, indicating sub-trend growth as it has been doing for many months now. The Index growth rate has been in negative territory for 9 of the last 10 months
WPAC comment
- growth rate is now materially below trend
- is signalling that growth through the first half of 2020 is likely to remain below trend
- That profile is broadly consistent with Westpac's forecasts which have growth in the first half of 2020 at an annualised pace of 2.4% consistent with the overall growth pace in 2020 of 2.4%.
- This forecast contrasts with the Reserve Bank's current forecast of 2.8% although that forecast may be revised when the Bank releases its new forecasts on November 8.
