Australia's GDP eases in Q1, but beats estimates

Australia's Gross Domestic Product (QoQ) for Q1 arrived at 0.3% vs 0.2% expected and 1.1% last, while the yearly reading registered 1.7% vs 1.5% expected and 2.4% last. The data has boosted the Australian Dollar across the board. 

GDP SUMMARY

The Australian economy grew by 0.3% in seasonally adjusted chain volume terms in the March quarter.

Compensation of employees increased 1.0% and total corporations gross operating surplus increased 6.2%.

17 out of 20 industries recorded growth in the March quarter.

Net exports detracted 0.7 percentage points from growth.

Investment in total dwellings fell 4.4% in the quarter.