Australia’s Q1 construction work drops 1.9%, a negative surprise (Aussie keeps lows)

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The pace of construction work done in Australia unexpectedly deteriorated during the March quarter of 2019.

The value of construction work done, a key component within the GDP reading, arrived at -1.9% q/q to a seasonally-adjusted A$ 50.79 millon in the three months to March 31, according to the latest data published by the Australian Bureau of Statistics (ABS).

Markets had predicted a 0.0% print while the previous figure stood at -3.1%.

MARCH KEY POINTS

VALUE OF WORK DONE, CHAIN VOLUME MEASURES

TOTAL CONSTRUCTION

The trend estimate for total construction work done fell 2.4% in the March quarter 2019.

The seasonally adjusted estimate for total construction work done fell 1.9% to $50,787.9m in the March quarter.

BUILDING WORK DONE

The trend estimate for total building work done fell 0.9% in the March quarter 2019.

The trend estimate for non-residential building work done rose 1.6% and residential building work fell 2.4%.

The seasonally adjusted estimate of total building work done fell 0.4% to $29,835.1m in the March quarter.

ENGINEERING WORK DONE

The trend estimate for engineering work done fell 4.0% in the March quarter.

The seasonally adjusted estimate for engineering work done fell 3.9% to $20,952.8m in the March quarter.

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