Westpac, NAB downgrades Australian Q3 GDP forecasts

A couple of leading Australian banks have lowered their forecasts for Australia’s Q3 GDP, as we head towards the GDP release due tomorrow in the Asian morning.

Key Highlights:

Westpac has lowered its Q3 GDP forecast to negative for Australia as it sees a contraction of 0.2% Q/Q, while it sees Y/Y growth at 2.1% (Prev. 3.3% in Q2) 

NAB downgrades forecasts Australian GDP to contract by 0.2% Q/Q