Australia Q4 Net exports as a % of GDP: -0.50% (expected -0.60%)

Not as bad as was expected ... is that good news? More like 'it could have been worse' news.

Net exports as a % of GDP for Q4: %

• expected -0.60% , prior was 0.0%

Q4 2017 .... its old news anyway .... the focus today was on retail sales (separate post). Despite being old news it is bad news. what the headline result means is that trade will subtract half a percent (q/q ... for the y/y its -1.3%) from real GDP for the quarter. Worst subtraction since 2012.

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For background to this:

• Australia data preview - Public demand (key growth driver & GDP input)
• Australia data preview - Q4 net exports due Tuesday (GDP data input)
• Australia data preview - Q4 net exports due 0030 GMT