Production growth is being driven by strong export demand and rising consumer spending at home. There will be some moderation in the fourth quarter because of slower investment growth and some temporary weakness in U.S. demand.
More Quotes from Ben Simpfendorfer:
The bottom line is we have a very strong growth profile at the moment, with no real signs of any softening in investment,Ben Simpfendorfer
The narrowing trade surplus reflects some weakness in electronics exports and rising commodity imports but it's unlikely to be enough to relieve pressure from the U.S. in the short term.
Ben Simpfendorfer
There is some self-interest in Europe maintaining good relations with China.
Ben Simpfendorfer
There are two stories at work. The first is that we see surprising strength in exports. But imports are definitely weaker than I expected.
Ben Simpfendorfer
We think the Disneyland factor was important, but obviously we have to wait until next month to confirm that. We should see arrivals bounce back in September. Nonetheless it will be a drag on second-quarter growth.
Ben Simpfendorfer
But I think what is interesting is we have seen a modest transition towards manufacturing away from real estate investment.
Ben Simpfendorfer
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