The GDP data came in and it was better than forecast, practically translates to a growth of 3.1% -best since 2011.
But 50% is attribute to LNG, coal, iron ore. Practically all other data are flat.
Wage growth (what we really needed is not-existent. The wage growth actually declined from 1.7%pa to 1.6%pa and income per employee is slightly better in the public sector.
Consumption growth was flat, notwithstanding a decline in savings.
Again all commodities dependent – which means China. As China is starting to reign in credit, this GDP growth level is not sustainable.
investorpolitico 