GDP firms

The Australian Bureau of Statistics has released December quarter National Accounts the news is decent with 0.8 growth in the qurter and year on year of 2.8%:

DECEMBER KEY FIGURES

		% change Sep qtr 13 to Dec qtr 13	% change Dec qtr 12 to Dec qtr 13

GDP (Chain volume measure)
	Trend	0.7	2.7
	Seasonally adjusted	0.8	2.8
Final consumption expenditure (Chain volume measure)
	Trend	0.7	2.4
	Seasonally adjusted	0.7	2.6
Gross fixed capital formation (Chain volume measure)
	Trend	–	-0.9
	Seasonally adjusted	-1.2	-2.4
GDP chain price index
	Original	0.7	2.2
Terms of trade
	Seasonally adjusted	0.6	-1.2
Real net national disposable income
	Trend	0.2	1.2
	Seasonally adjusted	0.7	1.8

And the major components:

A little lift in consumption, big lift in exports and big drag from investment. No surprises but one point ahead of consensus and so the dollar is up half a cent.

More to come.

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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.