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- Australia: GDP to contract by 3.0% – Westpac
Australia: GDP to contract by 3.0% – Westpac
FXStreet reports that unemployment rate is set to reach 11% by June and the Australian economy is expected to contract by 3.5% in June, Bill Evans, a Chief Economist at Westpac Institutional Bank briefs.
"We estimate that there will be 814k in job losses in the June quarter lifting the unemployment rate to 11.1%."
"Working through our GDP estimates on an industry basis and acknowledging that output is not always aligned with employment this approach points to a contraction in GDP of 3.5% in the June quarter."
"Overall through the year, we expect GDP to contract by -3.0%, while the unemployment rate will have lifted from 5.1% to 8.8%."
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