Bank Desk Views on today's NZ Q2 GDP....>

NEW ZEALAND: Bank Desk Views on today's NZ Q2 GDP release:

- ANZ: We exp. 0.7% q/q. Activity is exp. to have been boosted by temporary

factors, as econ. momentum continues to soften. The release is already being

overshadowed by forward-looking indicators of activity into H219.

- ASB: We exp. 0.9% q/q, mild payback from the subdued Q1. The average pace of

growth over H118 was hardly spectacular, particularly given of all the supports

underpinning the econ. such as low interest rates, high Terms of Trade & high

rates of population growth. Continued deterioration in biz conf. materially

increases the risk that trend growth slows further over H218.

- BNZ: We exp. 0.6% q/q, reflecting transitory hits. We think GDP is holding up

reasonably well & is on course for at least trend rates of growth over H218.

It's after this that things get cloudy.

- Westpac: After a few quarters of patchy growth, the stars seem to have aligned

during Q2. Recent activity indicators have shown growth ranging from modest to

strong across a wide range of sectors. We exp. +0.9% q/q. In part reflecting

some big one-off gains. However, there are also some temporary negatives.