The ABS is out with Dec quarter GDP:
GDP summary
- The Australian economy grew by 0.5% in seasonally adjusted chain volume terms in the December quarter 2019
- Through the year GDP was up 2.2%
- The terms of trade fell 5.3%
- Household saving ratio decreased to 3.6%
Seasonally adjusted, percentage change (a)
Sep 18 to
Dec 18 Dec 18 to
Mar 19 Mar 19 to
Jun 19 Jun 19 to
Sep 19 Sep 19 to
Dec 19 Dec 18 to
Dec 19
Chain volume GDP and related measures (b) GDP 0.2 0.5 0.6 0.6 0.5 2.2GDP per capita (c) -0.2 0.1 0.2 0.2 0.2 0.7Gross value added market sector (d) -0.1 0.6 0.5 0.3 0.4 1.8Real net national disposable income 1.0 1.2 1.6 0.9 -0.9 2.7Productivity GDP per hour worked -0.4 -0.3 0.5 – 0.2 0.4Real unit labour costs – -0.7 0.2 0.1 1.3 0.9Prices GDP chain price index (original) 1.2 1.2 1.1 0.7 -1.2 1.8Terms of trade 2.6 3.2 1.5 0.2 -5.3 -0.6Current price measures GDP 1.2 1.6 1.5 1.2 -0.3 4.1Household saving ratio 3.0 3.5 2.6 4.8 3.6 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.
Still weak, especially when one factors 0.2 from inventories. This is a stall speed economy entering a prolonged shock, equalling recession.