Australia’s Q1 construction work done shows a bigger-than expected drop

Dhwani Mehta FXStreet

The pace of construction work done in Australia during the March quarter of 2017 shrank and came in sharply below expectations.

The value of construction work done, a key component within the GDP reading, contracted 0.7% q/q to a seasonally-adjusted A$ 46.42bn in the three months to March 31.

MARCH KEY POINTS

VALUE OF WORK DONE, CHAIN VOLUME MEASURES

TOTAL CONSTRUCTION

The trend estimate for total construction work done fell 0.6% in the March quarter 2017.

The seasonally adjusted estimate for total construction work done fell 0.7% to $46,416.9m in the March quarter.

BUILDING WORK DONE

The trend estimate for total building work done fell 1.1% in the March quarter.

The trend estimate for non-residential building work was flat and residential building work fell 1.7%.

The seasonally adjusted estimate of total building work done fell 2.8% to $26,227.2m in the March quarter.

ENGINEERING WORK DONE

The trend estimate for engineering work done rose 0.1% in the March quarter.

The seasonally adjusted estimate for engineering work done rose 2.2% to $20,189.7m in the March quarter.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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