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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NEW ZEALAND
NZ Q1 GDP came in above expectations rising 0.2% q/q to be up 0.3% y/y after falling 0.1% q/q and 0.2% y/y. It remains weak and fell 0.3% q/q and 2.4% y/y per person. It has returned to positive territory though ending the technical recession. It was in line with the RBNZ’s forecast and so is unlikely to change the MPC’s wait-and-see stance. It expects growth to continue to improve with H2 around 0.4% q/q.
NZ GDP (production) %
Source: MNI - Market News/Refinitiv
- Expenditure-based GDP was soft on the quarter rising 0.1% q/q but is up 0.5% y/y after recording another 0.1% q/q rise in Q4. Q1 was driven by strong private consumption growth and a build in inventories. Whereas net exports, government spending and investment were negative.
- Private consumption rose 1.6% q/q contributing 1pp to GDP growth. It is now up 1.3% y/y after 0.2%. Whereas investment fell 1.3% q/q with the weakness broad-based but residential building down 3.7%. Imports rose 6.1% q/q which added to inventories. But it outpaced exports resulting in a net export drag of 2pp in Q1 after a 1.7pp contribution in Q4.
NZ domestic demand y/y%
Source: MNI - Market News/Refinitiv
- Statistics NZ observes that half the industries it covers saw positive growth in Q1 with electricity generation and hiring & real estate services particularly strong, whereas construction, manufacturing and business services fell.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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