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Construction to give a steer on GDP growth

Economists will start refining their growth forecasts over the next couple of weeks ahead of the national accounts on December 6, figures Treasury will use in setting its own predictions for the mid-year budget review.

Data so far have indicated imports will have made a contribution to the September quarter growth result, but retail sales were weak, which the Reserve Bank expects will translate into lower overall consumption growth than in the June quarter.

September quarter construction figures are due for release on Wednesday.

Economists expect construction work to have fallen by around two per cent after the 9.3 per cent jump in the June quarter, which was boosted by a 21.5 per cent surge in engineering.

Business expenditure and company profits figures are among a range of quarterly data due over the next fortnight before the national accounts, a comprehensive guide to how the economy is performing.

Under the coalition government, the mid-year budget review is usually released around two weeks after the national accounts.

Topics: investors

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