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1st quarter GDP has come in well above market expectations for a 1.1% q/q increase; equating to a 3.5% annual rate of growth (seasonally adjusted). On a Trend basis growth was +0.8% q/q, +3.2% ann which shows the economy rolling along at about the long-tern trend average pace. The main driver for growth was, as expected, net exports which added 1.4ppts to growth. Household consumption held up with a 0.5% q/q growth which added 0.3ppts. Domestic final demand was up 0.3%.
State Final Demand (which does not include net exports) in QLD fell by 0.8% q/q (the second consecutive quarterly decline, so we could say that QLD is in a technical “domestic recession”). This means that, for the first time since the final quarter 2009, State Final Demand fell for the year (by 0.9%). The reason for the weakness in QLD was a coming together of declining investment, both private (-3.8% q/q) and public (-3.1% q/q). Household consumption in QLD was strong (up 0.9% q./q) which was its fastest rate of growth in 2 years.
Other states quarterly results were NSW +2.4%, VIC +0.7%, SA -0.1%, WA -1.5%, TAS +0.8%, NT -6.5%, ACT -0.2%.
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