- Analytics
- News and Tools
- Market News
- Australia: Q3 GDP reaches the third-largest drop on record – UOB
Australia: Q3 GDP reaches the third-largest drop on record – UOB
Lee Sue Ann, Economist at UOB Group, reviews the recent release of the Q3 GDP in the Australian economy.
Key Takeaways
“The Australia economy saw its third biggest fall on record in 3Q21, on the back of shutdowns across New South Wales, Victoria and the Australian Capital Territory during the period. GDP contracted 1.9% q/q, a major downturn from 2Q21 (when GDP rose a revised 0.7% q/q). Still, the latest reading came in better than expectations for a -2.7% q/q reading. From a year earlier, the economy expanded by 3.9% y/y, higher than an estimated 3.0% y/y increase, but significantly lower from last quarter’s revised reading of 9.5% y/y (9.6% y/y previously).”
“The latest GDP numbers were much better than expected, placing the economy in a better position for a recovery ahead. As this juncture, we look for a rebound in 4Q21 as major states proceed with reopening plans, which will allow economic activity to recover. We expect 4Q21 growth of around 1.5% y/y (+1.8% q/q), which will see full-year GDP for 2021 at 4.0%. However, the emergence of the new COVID-19 Omicron variant could potentially start taking a toll on the global outlook. This will not only pose a risk to the economic outlook for 2022, and also a need for patience on policy normalisation.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
