Government to save Aussie GDP again

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The private sector is done for but all praise the gubmint, via Damien Boey at Credit Suisse:

We now have all the partials we can get to “now-cast” 1Q real GDP. Today we received trade and government spending data, which on balance surprised to the upside:

  1. Net exports were as expected, contributing 0.2% to quarterly GDP growth.
  2. Government spending contributed to growth, with consumption rising by 0.8%, and investment rising by 0.4%.

 

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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.