ONLY CHARTS #279

Aus Q4 GDP

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1. Australia’s GDP rose +0.6% q/q and +1.3% y/y in Q4, in line with our expectation (which was revised up a touch following yesterday’s data releases).

This was above the RBA’s February SMP estimate of +0.4% q/q and +1.1% y/y.

Excluding the volatile farm sector, however, non-farm GDP rose a more moderate +0.4% q/q and +0.9% y/y. Still soft.

As we’d flagged elsewhere, this release saw year-ended growth in the three measures of GDP converge. Quarterly growth in GDP(E) was the strongest of the measures this time at +0.7% q/q.

2. Domestic final demand rose +0.5% q/q and +2.1% y/y…