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MNI BRIEF: New Zealand Q2 GDP To Keep RBNZ On Course For 50Bps

MNI (PERTH)
MNI (Perth)

The Reserve Bank of New Zealand is likely to remain on track for a 50bp hike next month after second-quarter GDP expanded at a better-than-expected 1.7% pace, rebounding from a 0.2% contraction in the first quarter.

The second-quarter print fell just shy of the Bank’s 1.8% forecast in its August Monetary Policy Statement, validating expectations the RBNZ’s terminal rate will settle above 4%. The consensus forecast had been for growth of 1%.

The Bank next meets on Oct 5 and is expected to lift its Official Cash Rate by 50bps to 3.5%, the highest level since 2015.

The RBNZ and private forecasters expect growth to slow over coming quarters as the Bank adds to its seven rate hikes so far to combat elevated inflation and rising wage pressures. The New Zealand dollar rallied after the data (See NZD: Kiwi Appreciates On Expectation-Beating Q2 GDP Outturn).

Robert covers RBA and RBNZ policy and the economy for MNI in Australia.
Central Bank NewsPolicy NewsHomepageRBNZAPACNew ZealandBriefStoryRegion
Robert covers RBA and RBNZ policy and the economy for MNI in Australia.
Central Bank NewsPolicy NewsHomepageRBNZAPACNew ZealandBriefStoryRegion

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