GDP growth bound to slow after blazing pace in H1

Although the real economy grew strongly over the first half of this year, that growth still appears to be overly dependent on the heavily indebted household sector. That arrangement was possible when interest rates were near record lows and house prices were rising rapidly. But both of those supports are fading. In contrast to the 4.0% annualised growth in the first half of this year, we expect real GDP to average no more than half that pace in the second half.