Forex Flash: Aus net exports point to Q2 GDP growth - NAB
FXstreet.com (Barcelona) - Ahead of the Q1 GDP report tomorrow, the Q2 Balance of Payments report revealed a net exports contribution of 0.3% to Q2 GDP, below our expected +0.9% and the market forecast of +0.6%, reports NAB research team.
"Offsetting this weaker outcome, also released today was Q2 real government spending, which rose 1.9% in Q2, better than expectations for a 0.7% decline" the bank added.
So heading into tomorrow's GDP report, NAB expects "solid contributions from household consumption, public spending, net exports and business investment, while dwelling investment and stocks will detract." The bank's 0.9% forecast "would give annual growth at 3.8% yoy, and keep Australia on course to record annual average growth of 3½% in 2012."
"Offsetting this weaker outcome, also released today was Q2 real government spending, which rose 1.9% in Q2, better than expectations for a 0.7% decline" the bank added.
So heading into tomorrow's GDP report, NAB expects "solid contributions from household consumption, public spending, net exports and business investment, while dwelling investment and stocks will detract." The bank's 0.9% forecast "would give annual growth at 3.8% yoy, and keep Australia on course to record annual average growth of 3½% in 2012."
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