More mixed GDP partials

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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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.