1 November 2001, 09:44 Australia Sept retail sales data points to strong Q3 GDP - economists
SYDNEY (AFX) - The better than expected September retail sales data
is expected to contribute to a strong September quarter GDP to be
announced next month, economists said.
Retail sales in September fell a seasonally adjusted 0.1 pct from
August to 13.636 bln aud, but were up 6.5 pct year-on-year, the
Australian Bureau of Statistics said.
The median market expectation for September was for a
month-on-month fall of 0.5 pct, with expectations ranging from a fall
of 1.5 pct to a rise of 0.2 pct.
BT Funds Management chief economist Chris Caton said the increase
in trade turnover of 1.6 pct is equivalent to 0.4 percentage points in
estimated GDP for the September quarter.
"Most forecasts for GDP growth in the quarter are now clustered
above 1 pct. The future is another country but, at present, the
Australian economy continues to do quite well, at least in a relative
sense," Caton said.
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