Australian Q3 2022 GDP rises less than expected at +0.6% q/q
- expected +0.7%, prior +0.9%
For the y/y, comes in at 5.9%
- expected 6.3%, prior 3.2% (revised down from 3.6%)
- the annual rate reflects a very low base back in Q3 2021, the Australian economy contracted then with shutdowns in major cities due to the Delta coronavirus outbreak
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- Terms of trade fell 6.6%, the largest fall since June quarter 2009
- Household saving ratio decreased to 6.9% from 8.3% (now at its lowest since December 2019)
- Compensation of employees increased 3.2 per cent, the strongest rise since December quarter 2006. Tight labour market conditions, with the unemployment rate being at a multi-decade low, and job vacancies at high levels, were key to the rise.
- Household spending rose 1.1 per cent for the quarter, contributing 0.6 percentage points to GDP
- Net trade detracted 0.2 percentage points from GDP, with a 2.7 per cent increase in exports offset by a 3.9 per cent rise in imports.
- (this is an inflation indicator) GDP implicit price deflator (IPD) increased 0.2% with higher domestic prices offset by a fall in the terms of trade.
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AUD is barely changed.
