What happened? On Monday, February 21, Russian President Vladimir Putin signed decrees recognizing the sovereignty of the Donetsk and Lugansk People's Republics…
GDP of Australia rallies in the first quarter
Australia's GDP tacked on in the first quarter of this year, with seasonal wavering of 1% having ascended by 0.5% in the fourth quarter of last year. That’s what the Australian Bureau of Statistics unveiled. The GDP surge turned to be higher than the predictions of market experts.
However, in annual terms, Australia's GDP went up by 3.1%, thus surpassing surge forecasts by about 2.8% in contrast with a 2.4% jump three months before.
The export of services and goods added about 0.5% to GDP surge.
The surge in exports explained half of the GDP leap and also reflected the strength of export goods.
In addition to this, the gross added value of the mining industry for the quarter went up by up to 2.9%. As for the extraction of iron ore, liquefied natural gas and coal, it greatly tacked on.
The revenue of private non-financial corporations went up by 6.0% in the 1st quarter - the strongest ascend of the previous year.
The surge in revenue was in line with a powerful leap in exports of mining businesses combined with surge in terms of trade this quarter.
Private investment backed GDP surge with continued firm investment in machinery as well as equipment. It was especially firm in the non-mining sector. Surge in the construction of new housing went down a bit, although recent high levels persisted, which is generally in line with the number of building approvals recorded in recent months.
As for expenditures on final consumption of the government, they edged up by 1.6% per quarter and they also soared by 5.1% per annum. Additionally, state investments dived a bit, although remained at elevated levels.
Consumption of households went up by 0.3% for the quarter and also 2.9% year-on-year. As for the household saving ratio, it sagged to 2.1% and turned out to be the lowest reading since December 2007.
The last week was so eventful for traders: FOMC Meeting, Bank of England’s rate decision, the OPEC+ meeting, and also NFP. This week is going to be interesting as well! Let’s see what you should focus on.
Australia will release employment change and an unemployment rate on Thursday, November 11, at 02:30 MT (GMT+2).
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.