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Q1 Growth Soft But Improving, In Line With RBNZ Forecast

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) %

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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) %

Keep reading...Show less