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Michael Gordon, senior economist at Westpac, notes that the New Zealand’s GDP rose by 0.6% in the December quarter, in line with market forecasts.

Key Quotes

“Growth for the year as a whole slowed to 2.8%, slipping below the 3% mark for the first time since September 2014.”

“Household spending and construction were highlights for the quarter, while personal and business services were mixed. Energy sector disruptions were a temporary drag on growth.”

“Today’s results give us more comfort around our view that growth will regain some momentum over 2019.”

“Growth was a little below the Reserve Bank’s forecast, but not enough to warrant a change of tone in next week’s OCR review.”