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TD’s NZ$200m forecast for the Q1 current account surplus was not far off the mark, coming in at NZ$182m, notes the research team at TDS.

Key Quotes

“The net export drag was higher than we anticipated, shaving 0.9% pts off our GDP forecast. We now pencil in Q1 GDP to come in at +0.5%/qtr, which is in line with the market, taking annual growth to 2.7%.”