Third-quarter economic growth data from Australia is due at 0030 GMT on 1 December 2021.
Given the persistent Delta lockdowns impacting the country's two largest population states, with just under 50% of Australia's population, a contraction is expected for the economy. Many are looking through this to an expected bounce-back in Q4.
But, for Q3, a snippet from Westpac on what they are expecting:
- Our Q3 GDP forecast remains -2.5%qtr, +3.2%yr.
- The upside surprise on public demand offsets the downside surprises on net exports and private business non-farm inventories.
- Net exports +1.0ppt
- Public demand +0.8ppts
