A private sector improvement to support growth


Insight
A private sector improvement to support growth
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Past the trough
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Households continue to recover
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In line with our expectations
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Consumption up but growth still slow
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Following a slow end to 2023, a slow start to 2024
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Growth slows in line with NAB’s forecast
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A slow end to 2023
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A further slowing in growth
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Below trend growth to continue
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NAB sees a +0.5% q/q (1.9% y/y) GDP print for Q2 2023 which will confirm the slowing in domestic demand we have seen across other indicators. Both ABS retail sales data and our own transactions data points to a flat outcome for consumption following 0.2% growth in Q1.
A soft start to 2023
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A slow start for growth in 2023
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Growth slows as consumption softens
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A solid outcome to round out 2022
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