Australian Economy

Aussie GDP lowest since GFC

David Llewellyn-Smith
Advertisement

The ABS is out with Q2 national accounts and it is weak but saved from total embarrassment:

June key figures

Seasonally adjusted, percentage change (a)
Mar 18 to 
Jun 18
Jun 18 to 
Sep 18
Sep 18 to
Dec 18
Dec 18 to 
Mar 19
Mar 19 to 
Jun 19
Jun 18 to 
Jun 19
Chain volume GDP and related measures (b)
GDP
0.7
0.3
0.1
0.5
0.5
1.4
GDP per capita (c)
0.3
-0.1
-0.2
0.1
–
-0.2
Gross value added market sector (d)
0.9
-0.2
-0.2
0.7
0.3
0.6
Real net national disposable income
0.1
0.3
1.2
1.3
1.4
4.4
Productivity
GDP per hour worked
-0.5
–
-0.3
-0.3
0.4
-0.2
Real unit labour costs
-0.4
0.1
0.1
-0.8
0.3
-0.4
Prices
Terms of trade
-1.3
1.1
3.0
3.1
1.4
8.9
Current price measures
GDP
1.0
1.2
1.2
1.6
1.2
5.4
Household saving ratio
3.2
2.5
2.7
3.0
2.3
na

Per capita recession still in full swing. Much more to come.

Twitter Share
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.
Advertisement