Second quarter GDP data is due September 5, this one of the early inputs to be released
Comes in at +1.6% q/q, a huge beat
- expected +0.8% q/q, prior +2.4%, a hefty revision indeed from +0.2%
This augurs well for Q2 GDP (at this stage anyway). The thing is … April to June is ancient history especially with the escalation of the trade wars since.
Still, mustn't grumble.
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This data is used as a major source to compile the national accounts estimates for private gross fixed capital formation on dwellings, and other buildings and structures.
- Its not complete though, there will be adjustments made when GDP is published
- The data are estimates based on a response rate of approximately 85% of the value of both building and engineering work done during the quarter, thus it is a preliminary data point but quite a good one.
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For background: