The RBA made reference to the likelihood of a negative print when Q1 GDP is released on the first of June so I thought I would visualise what a negative number. Without positive revisions to previous quarters this would take the annual rate below 2%:
While we were the only developed nation to avoid a recession, our growth rate on this basis will be around those of the US, UK and Eurozone, some miracle:
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Finally with the RBA expecting growth at or above trend, circa 4% in 2011, a negative Q1 would require robust growth across the remainder of the year to reach that level.