New Zealand’s Gross Domestic Product (sa) arrived -1.0% QoQ vs the expected 0.2%.
GDP for the year was -0.9% vs the expected 0.5% and prior 0.4%.
NZD/USD is under pressure.
More to come…
Description of Gross Domestic Product
The Gross Domestic Product released by the Statistics New Zealand is a measure of the total value of all goods and services produced by New Zealand. The GDP is considered as a broad measure of New Zealand economic activity and health. Generally speaking, a high reading is seen as positive (or bullish) for the NZD, while a falling trend is seen as negative (or bearish) for the NZD.
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