Australia’s latest gross domestic product (GDP) data is due out today with economists raising hopes that the lucky country will narrowly avoid a technical recession.
Exports data released yesterday delivered more promise than expected, showing that the current account deficit narrowed to A$4.6 billion in the first quarter from a $6.4 billion deficit in the fourth quarter of last year.
Net exports are now expected to add 2.2 percentage points to GDP growth for the quarter.
This means today’s GDP data should show the Australian economy expanding over the March quarter, after contracting 0.5% in the December quarter, JP Morgan economist Helen Kevans forecast.
Other economists were more conservative, sticking by forecasts of contraction.
If Australia does not report two consecutive quarters of negative growth, it misses the technical definition of a recession.
In other Australian news yesterday, the Reserve Bank left the official cash rate unchanged at 3%.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Rich Lister John Spencer of Caxton paper fame dies
- Wynyard heads for clash with Shareholders Association
- Auckland Council, James Hardie appeal ruling on leaky building claim made beyond 10-year limit
- Squirrel Group goes after one of the biggest crowdfund raises
- PayPal ‘on shaky ground’ as it pulls service from second Netflix unblocker popular with Kiwis
Most listened to
- Tech commentator Paul Brislen breaks down the latest telco sector report
- NBR reporter Tim Hunter discusses Intueri's problems
- NZ ambassador to Turkey Jonathan Curr talks about improving Turkish - NZ relations
- Hamish McNicol discusses Masala Restaurants and Kim Dotcom in this week's Court Report
- Conflict controversies, increased sports rights competition and MIA IPOs: Chelsea Armitage and Nick Grant on NZ media