Q2 GDP: a bit better than it looked

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Q2 GDP was +0.7%qoq and 9.6%yoy, to be pretty much bang-on the RBA’s forecast of 9.5%yoy.

I said this morning that underlying GDP was likely to be a bit better than the headline number suggested.

Even with the stronger headline outcome, this remains true: mostly due to services spending, underlying GDP now seems to have been about 1.25%qoq in Q2. So the economy was doing well pre-Delta.

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