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Michael Gordon, Senior Economist at Westpac, suggests that they’re expecting a 0.9% rise in June quarter GDP of NZ, a marked improvement from the subdued growth in previous quarters.

Key Quotes

“In part, our forecast reflects some big one-off gains in particular sectors that are unlikely to be repeated.”

“The underlying story is of an economy that is trundling along slowly but steadily.”

“Our forecast is higher than the Reserve Bank’s low forecast of 0.5% growth – an important difference, given the increasing market speculation about OCR cuts.”

“We expect the annual current account deficit to widen a little in the latest quarter. However, revisions are likely to narrow the deficit over the last few years, further highlighting how New Zealand’s international position has improved in recent times.”

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