Due from Australia at 11.30am Sydney time (0030 GMT, 1930 US Eastern time), Q4 2023 GDP:
Snippets from Commonwealth Bank of Australia, is looking for +0.2% q/q:
- This would take the annual rate of growth down to just 1.4%, from 2.1% through the year to September.
- Household consumption is forecast to have edged a little higher in the December quarter and business investment, public demand and exports are also forecast to have contributed positively to economic growth. On the flip side we expect residential construction fell sharply. Overall the Australian economy is slowing, and is growing below trend. Once again after removing the impact of population growth, the Australian economy is in a per capita recession.
and from Westpac, looking for +0.3% q/q
- Partial data on net exports and inventories were more volatile than anticipated, which together are set to add around 0.2ppts to growth.
- That said, domestic demand is still expected to be weak, inching just 0.1% higher, with consumption likely to be flat in the quarter.