GBP/AUD:AU GDP Growth Slows in Q1, Capital Expenditure Picks Up

7 ביוני 2023The Australian AiG Construction Index for May registered a reading of -6.6, showing a slight improvement compared to the April figure of -12.4. Additionally, the AiG Manufacturing Index came in at -5.1, while the AiG Industry Index recorded -10.9. Comparatively, in April, the AiG Manufacturing Index was reported at -20.2, and the AiG Industry Index at -20.1.

Turning to the Australian GDP for the first quarter, the growth rate stood at 0.2% on a quarterly basis and 2.3% on an annualized basis. Economists had anticipated a slightly higher increase of 0.3% and 2.4% respectively. In comparison, the GDP for the fourth quarter of the previous year had experienced a quarterly growth of 0.6% and an annualized growth of 2.6%. Furthermore, Capital Expenditure for the first quarter showed a quarterly increase of 1.8%, the Chain Price Index rose by 1.8% on a quarterly basis, and Final Consumption expanded by 0.2% quarterly. The economist's forecasts were for a decline of 5.6% in Capital Expenditure, a rise of 4.3% in the Chain Price Index, and an increase of 1.4% in Final Consumption. By comparison, during the fourth quarter, Capital Expenditure had decreased by 1.4% on a quarterly basis, the Chain Price Index had risen by 0.6% quarterly, and Final Consumption had expanded by 0.4% quarterly.

Moving to China, the Trade Balance for May amounted to 65.81B, significantly below the economist's prediction of 92.00B. In April, the Trade Balance had recorded 90.21B. Exports for May experienced an annualized decline of 7.5%, while imports saw a decrease of 4.5%. These figures differed from the economist's forecast of a 0.4% decrease in exports and an 8.0% decrease in imports. Comparatively, in April, exports had surged by 8.5% annually, while imports had dropped by 7.9% annually.

In the UK, the Halifax House Price Index for May remained flat with no change at 0.0% on a monthly basis and exhibited a decrease of 1.0% on a tri-monthly annualized basis. This reading aligned with economists' predictions of a flat monthly reading and a slightly smaller decrease of 0.9% on a tri-monthly annualized basis. Looking back to April, the Halifax House Price Index had contracted by 0.4% monthly and experienced a slight tri-monthly annualized increase of 0.1%.