Yep, we had strong Australian data earlier, and I said immediately ...
That export figure is a good one ... we get GDP data for Q3 tomorrow and its looking better as the 'partials' have been hitting this week ... an upside risk for the GDP tomorrow
Estimates say net exports will add around 1.5% to GDP result tomorrow, while government spending will subtract 0.2%
Hold onto your hats ... tomorrow's GDP is going to be a good one!
Again ... you're very welcome! :-D
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Westpac agree (bolding mine):
- We have revised up our forecast for Q3 GDP to 0.9%qtr, 2.3%yr, from 0.7%qtr.
- This takes on board the upside surprises from inventories and incomes, included in the Business Indicators survey.
- Net exports and public demand provided offsetting surprises.
- Net exports are the key growth driver in the quarter, +1.5ppts, centred on a lift in exports of both resources and services.
- Domestic demand is forecast to contract by 0.7% in the quarter, centred on a 5% drop in business investment and a 9% fall in public investment, subtracting 0.75ppts and 0.4ppts off demand.
- Consumption is forecast to grow by a modest 0.5% and home building activity is up 1%.
Inventories are neutral and the statistical discrepancy adds 0.1ppt (reflecting the apparent strength in incomes, despite the fall in the terms of trade)
(Via Andrew Hanlon at Westpac)
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Meanwhile ... AUD likes it too!
(And check out the kiwi ... lurves it!)
