Key points:

• NAB expects a Q1 GDP print of 0.5% q/q (1.7% y/y).
• Consumption growth looks to have lost some momentum, but other private sector components will support growth in the quarter.
• This outcome would be broadly in line with the RBA’s Q1 forecast in the May SoMP.
• Partials for inventories, trade and public spending will be released early next week which will further firm up the estimate ahead of the release.

Read the full report here: GDP Preview (Q1 2025)