-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessREPEAT: ANALYSIS: New Zealand Q3 GDP Supported by Construction
Repeats Story Initially Transmitted at 22:48 GMT Dec 20/17:48 EST Dec 20
--Household Consumption Growth Slows in Q3
By Sophia Rodrigues
SYDNEY (MNI) - New Zealand's real GDP grew in line with expectations in the
third quarter as construction rebounded after two quarters of decline, but the
outcome was below the Reserve Bank of New Zealand's forecast.
GDP rose 0.6% q/q, with the y/y pace accelerating to +2.7%, as an upward
revision to Q2 GDP created a higher base for the q/q gain, data published by
Statistics New Zealand on Thursday show. The q/q outcome was in line with MNI
median forecast but the y/y growth rate was above the MNI survey median for
+2.4%. The RBNZ had forecast a 0.7% q/q gain.
Growth was mainly supported by construction activity, which rose 3.6% q/q
and made a solid 0.2-percentage-point contribution to GDP. This was the largest
quarterly growth since the March 2016 quarter. Expenditures on road and rail
projects drove growth in infrastructure, which experienced the strongest
increase since 2007. Residential construction also reported a strong increase.
The rise in construction activity removes a significant downside risk to
the RBNZ's monetary policy but much still depends on how household consumption
behaves in the period ahead. The RBNZ's expectation is that growth in both
consumption and construction will remove excess capacity in the economy and lead
to a pickup in non-tradable inflation.
The data show household consumption growth slowed to a 0.9% q/q gain in Q3
from a 1.1% rise in Q2. Significantly, Q3 consumption growth was driven by
imports of low-value goods, which rose 5.5% after a 0.9% fall the quarter
before. Durable goods purchases rose 2.3% while non-durable spending was flat.
New Zealanders' spending on foreign goods and services increased 4.1%, due
in large part to the strongest quarterly growth in imports of services since
2010.
Among other industries, agriculture declined slightly during the quarter,
with decreased milk production partly offset by increased activity in cattle and
sheep farming. Dairy product exports fell 5.2% but other manufacturing
industries like transport equipment, machinery and equipment recorded increases
during the quarter.
Activity in accommodation, restaurants, and bars fell in Q3 while retail
trade increased, leading to an overall fall in the retail trade and
accommodation industry. The decline followed strong growth in the June 2017
quarter, which was boosted by the Masters Games and the Lions Tour.
On a per capita basis, GDP rose 0.2% q/q, slowing from 0.5% growth in Q2.
New Zealand third quarter gross domestic product data published by
Statistics New Zealand on Thursday:
Q3 Q/Q (% Change) Q3 Y/Y (% Change)
----------------------------------------------------------------------
GDP +0.6 +2.7
MNI median +0.6 +2.4
RBNZ Forecast +0.7
Main movements
Agriculture, forestry, fishing -0.1 +3.4
Mining +3.2 +1.4
Manufacturing +1.8 +2.6
Construction +3.6 +1.9
Wholesale trade +0.6 +2.9
Retail trade/accommodation -0.4 +5.5
Professional, technical services -0.3 +0.6
Financial, insurance services +0.7 +2.1
--MNI BEIJING Bureau; +1 202-371-2121; email: john.carter@mni-news.com
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.