Australia prints weak GDP

The ABS is out with December QTR GDP and the news is weakness with 0.2 on the QTR and 2.3% on the year, a big miss on the 2.6% expected (presumably on downward revisions):

DECEMBER KEY FIGURES

		Sep Qtr 2018 to Dec Qtr 2018	Dec Qtr 2017 to Dec Qtr 2018
		% change	% change

GDP (Chain volume measure)
	Trend	0.3	2.3
	Seasonally adjusted	0.2	2.3
Final consumption expenditure (Chain volume measure)
	Trend	0.7	3.0
	Seasonally adjusted	0.8	2.9
Gross fixed capital formation (Chain volume measure)
	Trend	-0.2	1.0
	Seasonally adjusted	-1.0	1.2
GDP chain price index
	Original	1.4	3.6
Terms of trade
	Seasonally adjusted	3.1	6.0
Real net national disposable income
	Trend	0.5	3.0
	Seasonally adjusted	1.2	3.7

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.