by Chris Becker
With the construction activity miss this morning, the team at Credit Suisse are out with a note explaining how “disastrous” 4Q GDP will be, and why the RBA is well behind the curve:
Retail sales growth was anaemic, and construction activity fell, led by engineering and residential spending. Net exports probably also dragged.
Expenditure Component QoQ% % GDP Contribution Retail Sales 0.1% 36.4% 0.04% Construction Activity -3.1% 12.0% -0.37% Net Exports -0.29% Total -0.61%