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Aussie GDP misses again

David Llewellyn-Smith
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Hoocoodanode?

September key figures

Seasonally adjusted, percentage change (a)
Jun 18 to
Sep 18
Sep 18 to
Dec 18
Dec 18 to
Mar 19
Mar 19 to
Jun 19
Jun 19 to
Sep 19
Sep 18 to
Sep 19
Chain volume GDP and related measures (b)
GDP
0.3
0.2
0.5
0.6
0.4
1.7
GDP per capita (c)
-0.1
-0.2
0.1
0.3
–
0.2
Gross value added market sector (d)
-0.3
-0.1
0.6
0.5
0.2
1.2
Real net national disposable income
0.3
1.1
1.2
1.5
0.9
4.8
Productivity
GDP per hour worked
–
-0.3
-0.3
0.6
-0.2
-0.2
Real unit labour costs
0.1
0.1
-0.7
0.2
0.1
-0.4
Prices
GDP chain price index (original)
0.7
1.2
1.2
1.1
0.7
4.3
Terms of trade
0.8
2.5
3.3
1.4
0.4
7.8
Current price measures
GDP
1.1
1.2
1.6
1.5
1.1
5.5
Household saving ratio
2.8
3.1
3.4
2.7
4.8
na
na not available
(a) Change on preceding quarter, except for the last column which shows the change between the current quarter and the corresponding quarter of the previous year. Excludes Household saving ratio.
(b) Reference year for chain volume measures and real income measures is 2017-18.
(c) Population estimates are as published in the Australian Demographic Statistics (cat. no. 3101.0) and ABS projections.
(d) ANZSIC divisions A to N, R and S. See Glossary – Market sector.

GDP rubbish at 0.4% on the QTR and 1.7% annual. Per capita donut. Productivity falling.

Recessionberg!

Much 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.