Global Macro Service > Data Insights > Asia Pacific

LNG investment surge drives GDP up 0.6% in Q3

GDP grew 0.6% q/q in the September quarter, driven by a surge in non-residential investment related to LNG projects. Outside of investment, domestic demand was sluggish with consumer spending particularly weak, although we expect this to be temporary.

The data confirm our view that business investment is building momentum, and we expect this trend to continue moving into 2018. Consumer spending growth is also forecast to recover given the recent strength in the labour market . Overall, given our view that a downturn in residential investment is underway we maintain our forecast for GDP growth of around 2.5% over the next two years.

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