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Analysts at Australia and New Zealand Banking Group (ANZ) offer a quick reaction to New Zealand’s Q2 Survey of Manufacturing data released earlier this Monday.

Key Quotes:

“Total manufacturing volumes fell 2.7% q/q in Q2, driven (once again) by the meat and dairy component (down 8.2% q/q).

Core manufacturing remained soft, lifting just 0.5% q/q following two consecutive quarterly declines.

All up, today’s print presents some downside risk to our preliminary Q2 GDP forecast of 0.4% q/q, and forward-looking indicators suggest Q3 manufacturing has started on an even softer note.”