September's trade report confirms that exports were a major drag on overall third-quarter GDP growth, with net exports subtracting possibly as much as three percentage points. This evidence, combined with the disappointing production-based GDP data released last week, suggests that the economy might have stagnated last quarter, well below our earlier assumption of 1.4% annualised growth.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.