“A positive surprise” from September GDP; upgrades for 2020 forecasts likely

02 December 2020

 

Summary: GDP up 3.3% in September quarter; better than expected; result “a positive surprise to authorities”; economy still 3.9% smaller than September 2019; “too early to say economy is out of recession”; bounce in consumer spending main driver; “significant upward revision” to RBA’s 2020 growth forecast likely; Westpac chief economist expects consumer spending to be “strong” in December quarter.   Since the “recession we had to have” as the recession...

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