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Westpac analysts are expecting the New Zealand GDP to rise by 0.6% for the June quarter, matching the pace seen in the previous two quarters.

Key Quotes

“Service sector activity looks to have picked up after a particularly soft patch in the March quarter, while construction, mining and food manufacturing are likely to have eased back.”

“Our GDP forecast is slightly above the Reserve Bank’s forecast and at the upper end of market  forecasts.”

“A result in line with our view is unlikely to move the dial for the RBNZ. We expect no change at the September OCR review, but a further cut in  November.”

“We expect the annual current account deficit to narrow to at 3.4% of GDP, subject to the impact of annual data revisions. Exports picked up in the quarter while imports were  flat.”