More GDP partials out this morning from the ABS. Net exports is in worse than expected at-0.9%:
- The current account deficit, seasonally adjusted, rose $5,938m (76%) to $13,742m in the June quarter 2014. There was a turnaround of $7,258m on the balance of goods and services, resulting in a deficit of $4,691m in the June quarter 2014. The primary income deficit fell $1,275m (13%) to $8,605m.
- In seasonally adjusted chain volume terms, the surplus on goods and services fell $3,624m (25%) from $14,281m in the March quarter 2014 to $10,657m in the June quarter 2014. This is expected to detract 0.9 percentage points from growth in the June quarter 2014 volume measure of GDP.
Largely offset by inventories yesterday.
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