US Treasury has imposed sanctions on Hong Kong chief executive Carrie Lam, and 10 other top officials from Hong Kong and mainland China for "implementing Beijing's policies of suppression of freedom and democratic processes" while President Donald Trump banned transactions with Chinese apps Tencent's WeChat and ByteDance's Tiktok. Exports dropped 9.4 percent due to lower sales to the European Union (-11 percent) and to third countries (-7.4 percent), in particular to the UK (-15.7 percent) and the US (-20.7 percent), but rose to China (15.4 percent). Aggregates are based on constant 2010 U.S. dollars. On a positive note, the latest PMI survey suggested the Eurozone economy expanded the most for over two years, beating market expectations, led by strong growth in Germany and France.
The economy of Australia grew 1.4 percent year-on-year in the first quarter of 2020, slowing from a 2.2 percent expansion in the previous period and matching market expectations. Now in its 26th year of consecutive annual economic growth, the Australian economy is underpinned by strong institutions, an exceptional services sector and an ability to respond to global changes.
GDP Growth Rate YoY
The dollar index extended gains on Friday, trading above 93.4 after Bloomberg reported the US is poised to sanction Hong Kong Chief Lam for a crackdown on protesters and the US labor report showed the economy added more jobs than expected in July 2020. Through the year to the second quarter, the economy expanded 1.4 percent, the weakest growth rate since the Global Financial Crisis, after a downwardly revised 1.7 percent expansion in the first quarter of the year.Australia's economy is dominated by the service sector (65 percent of total GDP). Download historical data for 20 million indicators using your browser.Direct access to our calendar releases and historical data. Employment increased (57.6 vs 52.8 in June), while inventories (61.7 vs 61.8) and supplier deliveries (50.1 vs 53.4) dropped. Meantime, price pressures strengthened (60.5 vs 56.4). For the week, the DAX 30 advanced 2.8%. Through the year to the third quarter, the economy grew 1.7 percent, following an upwardly revised 1.6 percent expansion in the June quarter.The Australian economy advanced a seasonally adjusted 0.5 percent in the June quarter of 2019, the same pace as an upwardly revised figure in the previous period and in line with market expectations. Other sectors include: manufacturing (11 percent) and construction (9.5 percent). GDP Growth Rate YoY
Los valores actuales, los datos históricos, las previsiones, estadísticas, gráficas y calendario económico - Australia - PIB - Tasa de crecimiento anual.
The Australian economy shrank 0.3% on quarter in the first three months of 2020, after a 0.5% growth in the prior period and in line with market consensus. Reference
Meanwhile, concerns about US-China tensions mounted after US President Trump banned transactions with Chinese tech group Tencent and with the owner of TikTok ByteDance. It was the first contraction since Q1 2011, as the economy was hit by bushfires, drought and the coronavirus pandemic. Official figures still may be far off the reality as many people are being classified as employed even though they are absent from work.
Australia's economy is dominated by the service sector (65 percent of total GDP). Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. Decades of civil war and systemic corruption has left 70 percent of population living under poverty line.
In contrast, government spending grew 1.8%, faster than a 0.9% expansion, in response to the bushfires and the covid-19. On the production side, most sectors contracted except manufacturing, wholesale and retail trade, information & telecommunications and financial & insurance. On a seasonally adjusted basis, exports surged 14.9 percent in June, the most since the 1990s and above expectations of 13.3 percent, while imports rose 7 percent, compared to forecasts of a 10.9 percent surge. 45 hours ago
At the same time, investors await an agreement on another US coronavirus stimulus package. Exports were flat (vs 0.5% in Q3); while imports fell 0.5% (vs -0.3% in Q3).
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