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Satish Ranchhod, senior economist at Westpac, notes that New Zealand’s retail spending rose by 0.7% in the March quarter and was another solid gain following a very strong end to 2018.

Key Quotes

“We expect to see continued moderate growth in spending over 2019 and 2020, supported by increases in government spending, a firming in the labour market and low interest rates.”

“Even with firm spending in recent quarters, retail price growth remains muted and businesses are continuing to highlight pressure on margins.”