Analysts at TD Securities note that New Zealand’s Q2 construction work done (dwelling and non-dwelling construction and feeds into GDP) rose by +0.8% (closer to TD’s +1% than market’s +2.9%).
Key Quotes
“Ahead of Q2 manufacturing Mon (sales and inventories) our Q2 GDP tracking is +0.7%/q, two pips higher than the RBNZ’s forecast of +0.5%/q. This lower annual GDP growth to 2.5% from 2.7% excluding revisions. Meanwhile, RBNZ Orr will be giving a speech ‘Geopolitics, New Zealand and the Winds of Change‘ on Friday.”
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