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Australian GDP beats forecasts

Posted by Akhilesh Ganti on Sep 3, 2013 9:45:00 PM

Australia 2Q GDP rose +0.6% exceeding both estimates of +0.5% and last quarter's revised reading of +0.5%. The annualized reading was at +2.6% -vs- expectations of +2.4%. Household spending rose by +0.4% -vs- the prior quarter and the household savings ratio was +10.8%. Overall this was an encouraging report for an economy that was stagnating as there are signs that the transition that the RBA has been trying to achieve, namely away from relying solely on mining to a more balanced growth structure, is underway. Aussie, which had been trading around 0.9045 before the release, spiked immediately to make new session highs of 0.9089.

{chart: Bloomberg}
Australia GDP 2Q2013 resized 600

 

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