GDP remains weak

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The Australian Bureau of Statistics has released December quarter GDP and the news is more weakness with a close to consensus 0.5% quarter-on-quarter and 2.5% year-on-year:

DECEMBER KEY FIGURES

Sep Qtr 2014 to Dec Qtr 2014
Dec Qtr 2013 to Dec Qtr 2014
% change
% change

GDP (Chain volume measure)
Trend
0.4
2.3
Seasonally adjusted
0.5
2.5
Final consumption expenditure (Chain volume measure)
Trend
0.7
2.5
Seasonally adjusted
0.8
2.6
Gross fixed capital formation (Chain volume measure)
Trend
-1.7
-3.6
Seasonally adjusted
0.3
-2.8
GDP chain price index
Original
-0.2
-0.7
Terms of trade
Seasonally adjusted
-1.7
-10.8
Real net national disposable income
Trend
-0.1
0.2
Seasonally adjusted
0.4
0.5

Saved by the consumer or, more particularly, the Iphone6, by the looks of it! Dollar rallied a bit and bonds slumped, for no apparent reason. More to come…

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.