The latest NZIER Consensus Forecasts (CF) show that beyond the weaker starting point for Gross Domestic Produce growth, the near-term growth outlook has been revised up.
”On average, annual average growth in GDP is expected to reach 5 percent in March 2022.”
Across the sectors, the revisions were mixed, with a downward revision to household spending but an upward revision to investment the press release goes on to say, followed by:
”Despite the downward revisions, the outlook for household spending remains robust reflecting the effects of higher household income as the labour market improves.”
”Construction is expected to remain the main driver of the recovery in the New Zealand economy over the coming years. In particular, residential construction is expected to grow strongly over the coming years, with annual average growth expected to reach 11.5 percent in March 2022.”
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