Economy has likely slowed to a standstill

The economy is expected to have managed very marginal growth in the first three months of 2017, and there is a chance it contracted, economists says.

Economists expect the economy grew by just 0.1 per cent in the March quarter, taking annual growth to its slowest rate since 2009.

Forecasts for Wednesday's gross domestic product figures were trimmed on Tuesday after a fall in export volumes resulted in a larger than expected impact on economic growth.

Australia's surplus on goods and services, in seasonally adjusted volume terms, slumped 85 per cent to $543 million in the three months to March, which will detract 0.7 percentage points from GDP, the Australian Bureau of Statistics said.

NAB economists said the impact of lower exports increased the risk of a contraction in GDP, along with weaker than expected government spending.

A growth rate of 0.1 per cent in the March quarter would take annual growth to just 1.4 per cent.

The economy expanded by a surprise 1.1 per cent in the December quarter, after a 0.5 per cent contraction in the September quarter.