Economic growth data for Australia for the July to September 2020 quarter.
GDP (sa) 3.3% q/q for a BEAT
- expected +2.5%, prior -7.0%
and -3.8% y/y
- expected -4.4%, prior -6.3%
A (relatively) subdued bounce out of lockdown, not as substantial as many countries have seen. Australia has lagged with 20 % (approx) of the economy still locked in a shut down for much of that quarter due to the resurgence of COVID-19 cases in Melbourne and Victoria.
Household saving ratio 18.9%
- Q2 was a rate of 22.1%
Household spending +7.9% q/q in Q3
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AUD is a few tics higher. Do remember folks that this is data for July to September and its now December 2.
Oh, and I should mention, this confirms Australia is out of recession. That'll be a headline in media in the hours and day ahead. There is plenty of angst about the definition of a recession being inappropriate. Reasonably so IMO.