The Australian Bureau of Statistics (ABS) has released the Gross Domestic Product (GDP):
Australia Gross Domestic Product (YoY) came in at 2.3%, below expectations (2.4%) in 1Q.
Australia Gross Domestic Product (QoQ) came in at 0.2% below forecasts (0.3%) in 1Q.
AUD/USD update
AUD/USD is in a 15-pip range on the data. More to come...
About the Gross Domestic Product (GDP)
The Australian Bureau of Statistics (ABS) releases the Gross Domestic Product (GDP) on a quarterly basis. It is published about 65 days after the quarter ends. The indicator is closely watched, as it paints an important picture for the economy. A strong labor market, rising wages and rising private capital expenditure data are critical for the country’s improved economic performance, which in turn impacts the Reserve Bank of Australia’s (RBA) monetary policy decision and the Australian dollar. Actual figures beating estimates is considered AUD bullish, as it could prompt the RBA to tighten its monetary policy.
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