Australian Q3 GDP data:
- Prior was +0.5% q/q (revised to +0.6%)
- Estimates ranged from +0.4% to +0.6%
- GDP +1.7% y/y vs +1.7% expected
- Prior y/y reading was +1.4%
- Final consumption expenditure +0.3% q/q vs +1.0% prior
- Gross fixed capital expenditure -0.2% q/q seasonally adjusted
- Household spending +0.1% q/q
- Savings rate 4.0% vs 2.9% prior
This is a disappointment on the headline and AUD has dipped modestly in the aftermath. However the revision to Q2 means that some of the growth has simply shifted a few months and that the ultimate level is virtually the same.
When you dig deeper into the numbers it was a bland quarter in many ways. Consumption and exports were the drivers while pretty much everything else was flat.
