Australia’s Q4 national accounts data has arrived.
- After mostly softer partial data Mon-Tue, the Bloomberg median forecast had slipped from 0.5% QTR to 0.3%.
- Markets were expecting 2.5% for the year (Q4) vs 2.8% prior and 0.3% vs 0.3% prior for Q/Q (Q4).
- RBA’s Lowe said earlier to expect the data to be significantly below trend.
The outcome arrived as follows:
- 2.3% for the year (Q4)
- 0.2% for Q/Q (Q4)
About Gross Domestic Product
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.
Additional reading regarding today’s events for AUD/USD:
RBA’s Lowe says RBA has the flexibility to adjust MP in either direction
More comments from RBA Lowe: Q4 and Q3 GDP likely to show growth significantly below trend