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Australian GDP grew by 0.5% in Q2

Wednesday, Sep 07 2016

The Australian economy expanded at a slower but solid pace in the second quarter, as firm consumer spending and trade continued to support growth. Gross domestic product (GDP) expanded at a seasonally adjusted 0.5% in the second quarter, the Australian Bureau of Statistics reported Wednesday. Compared to a year ago, the economy expanded 3.3%. A median estimate of economists called for a 0.6% increase. The economy grew 1.1% in the first quarter, the biggest quarterly increase in three years.

Final consumption expenditure expanded 0.8%, contributing to 0.6 percentage points to GDP growth. The country’s terms of trade increased 2.3% in seasonally adjusted terms. Australia’s economy has outpaced much of its advanced industrialized peers, but faces strong headwinds in the form of plunging inflation. Weak inflationary pressures drove the Reserve Bank of Australia (RBA) to slash interest rates on two occasions this year. The Bank voted to leave the overnight cash rate at 1.5% on Tuesday in what was Glenn Stevens’ final meeting as central bank governor. Stevens led a recession-free tenure at the Bank.

 

Aussie is currently being traded around 0.7670 area. Pair is likely to find support around 0.7630 level and resistance above 0.7730 handle.

More in this category: « US Non-Manufacturing PMI fell to the six-year low German Industrial Production down by 1.5% »

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