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Weak GDP data hits consumer confidence

AAP logoAAP 12/12/2016 Prashant Mehra

Consumer confidence has fallen sharply to its lowest level since May, with the fall most pronounced in households' views of the likely economic conditions over the coming year.

Confidence in economic conditions over the next 12 months plummeted 11.7 per cent last week to its lowest level since February, helping drag the headline index down 4.4 per cent, according to the ANZ-Roy Morgan Australian Consumer Confidence Survey.

ANZ senior economist Jo Masters said it was not surprising to see a sharp fall in consumer confidence after last week's "shockingly weak" third-quarter GDP data.

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