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This is another of the inputs into the GDP data due tomorrow.
While export prices rose volumes fell. The minus 1% is a hefty chunk out of the GDP result, eyes will be focused on if tomorrow’s final GDP is positive q/q.
Other data out that’ll contribute to the GDP result is slightly more encouraging (for a positive result):
- Government investment and consumption are to contribute +0.4% and 0.3% respectively.
I suspect there will be enough contribution for a positive result on the GDP tomorrow. I posted earlier that although the data is stale what it is useful for is showing how well the Australian economy was performing heading into lockdown-impacted Q3, which is certain (no question on this) to show a negative GDP result (data for this will not be published until November). The answer will be the economy was not performing very well at all, although at least the Q2 GDP result will be enough to avoid a recession (Q2 & Q3). For what that’s worth.
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Background on this here: