Australia: Headline print masks some familiar weakness – RBC CM

Adam Cole, Research Analyst at RBC Capital Markets, notes that the Australia’s first estimate of Q1 GDP came in much stronger than expected at 1.1% q/q (consensus 0.8%),

Key Quotes

“Though our economists note that the headline print masks some familiar weakness in nominal GDP and national income. They remain in a minority of one (of 24) calling for an RBA cut next week. April retail sales (tonight) are expected to grow 0.3% m/m – in line with the recent trend.”