Mar 7, 2013
Forex Flash: Aus 1Q 2013 GDP likely lower on shrinking exports - NAB
Yesterday's 4Q GDP figure for Australia came exactly in line with expectations at +0.6%, and even a better one for the yearly figure at +3.1% when +3.0% was expected. But that data did not reflect latest 5% decline in coal exports, “most likely affected by Tropical Storm Oswald that hit Queensland in the last week of January and put the coal railway feeder lines to Gladstone under water,” David de Garis notes, Senior Economist Markets at the NAB. Today's Aus trade balance numbers showed a wider deficit than anticipated on weak exports.
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