Australian GDP weak but positive

The ABS has released March QTR national accounts and the news is a touch lower than consensus but positive 0.3% and 1.7% year over year:

MARCH KEY FIGURES

		Dec Qtr 2016 to Mar Qtr 2017	Mar Qtr 2016 to Mar Qtr 2017
		% change	% change

GDP (Chain volume measure)
	Trend	0.4	1.7
	Seasonally adjusted	0.3	1.7
Final consumption expenditure (Chain volume measure)
	Trend	0.6	2.3
	Seasonally adjusted	0.6	2.5
Gross fixed capital formation (Chain volume measure)
	Trend	0.3	-0.5
	Seasonally adjusted	-0.6	-0.4
GDP chain price index
	Original	2.2	7.3
Terms of trade
	Seasonally adjusted	6.6	24.8
Real net national disposable income
	Trend	1.7	6.2
	Seasonally adjusted	1.2	5.6

Household consumption held up OK and saved our blushes:

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.