Analysts at Australia and New Zealand (ANZ) Banking Group offer a sneak peek at what to expect from Wednesday’s Australian thrid quarter Gross Domestic Product (GDP) release.
“Key partial indicators released over the past two days have largely netted out, and we are leaving our expectation for Q3 GDP growth unchanged at 0.7% QoQ.”
“Annual GDP growth is forecast to jump up to 6.3%, reflecting the very weak result for Q3 2021 when much of the economy was subject to lockdown. This is a solid result and suggests the economy had quite a bit of momentum in the September quarter in the early stages of monetary policy tightening.”
“While the partial data suggest a solid outturn for GDP, from a policy perspective it will be the inflation and wages indicators in tomorrow’s GDP report that will be key. “