December 18, 2024 23:26 GMT
MNI BRIEF: NZ Economy Shrinks 1%, 80bp More Than Expected
MNI (SYDNEY) - New Zealand’s economy contracted 1% over Q3, 80 basis points more than the market's and the Reserve Bank of New Zealand’s forecasts, Stats NZ data showed Thursday.
“Expenditure on GDP fell 0.8% in the September 2024 quarter, following a 0.8% fall in the June 2024 quarter,” Stats NZ noted. “Expenditure on GDP rose 0.1% over the year ended September 2024 compared with the year ended September 2023.”
The RBNZ has flagged an additional 50bp cut when it next meets in February. (See MNI RBNZ WATCH: RBNZ Charts Path Towards Neutral)
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