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This is a more detailed wrap of today’s Q1 national accounts following our earlier snapshot.
Quarterly growth in both GDP and underlying household consumption was soft. Unit labour cost growth has moderated and remained a touch over 3% y/y which will be welcomed by the RBA despite ongoing weak productivity growth.
1. Australia’s GDP rose +0.3% q/q and +2.5% y/y in Q1, slightly softer than our nowcast of +0.4% q/q. Revisions were minimal.
The RBA had pencilled in +0.4% q/q and +2.6% y/y for Q1 in the May SMP - not too far off.
Both year-ended and 2-quarter-annualised GDP growth (+2.3%) remained above the estimated ~2% potential of the Australian economy.
2. Quarterly growth in most GDP expenditure components was similar to our expectations, except household consumption growth (+0.5% q/q) which was a little softer than we anticipated.
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