Michael Gordon, Senior Economist at Westpac, notes that the New Zealand’s GDP rose by 0.6% in the March quarter, in line with market forecasts.
Key Quotes
“The New Zealand economy expanded by 0.6% in the March quarter, which was in line with our view and with market forecasts. There were some small upward revisions to the previous two quarters, which lifted the annual growth rate to a slightly stronger than expected 2.5%.”
“There were strong gains in construction, mining and food manufacturing, though the risk is that some of these gains are reversed in the next quarter.”
“Growth in the service sectors was subdued in most cases.”
“Today’s result was ahead of the Reserve Bank’s already-low forecast, and should be enough to leave it in data watching mode for now.”
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