Australia’s Quarter 1 (Q1) GDP report has been released following yesterday’s RBA, where a huge focus is now on Australia’s economic data given the RBA’s wait and see attitude before jumping the gun with a further rate cut.
The median forecast in the Bloomberg survey was up to 0.5% for the quarter (Q) while meeting market consensus.
The data arrived as follows:
- 0.4% Q/Q vs 0.5% Q/Q expected and prior 0.2% Q/Q
- 1.8% year on year (Y/Y) vs expected 1.8% (Y/Y) and prior 2.3% Y/Y
About Aussie GDP
The Gross Domestic Product released by the Australian Bureau of Statistics is a measure of the total value of all goods and services produced by Australia. The GDP is considered as a broad measure of economic activity and health. A rising trend has a positive effect on the AUD, while a falling trend is seen as negative (or bearish) for the AUD.
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