Analysts at TD Securities note that New Zealand’s Q2 terms of trade rose to +0.6%/q, a little softer than expected (mkt +1.0%) but exports were strong in the quarter.
Key Quotes
“Ahead of Q2 construction on Wednesday, we look for Q2 GDP of +0.7%/q. Today’s report suggests +0.3%pts contribution from trade. Also, the Q2 current account deficit looks like it is expanding a little to -3% of GDP (published on 19 Sep, GDP the next day).”
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