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Satish Ranchhod,  senior economist at Westpac, points out that the New Zealand economy saw a second massive net migration result in January, with an estimated net inflow of 6,300 people over the month.

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“On top of that the previous month was revised up from 5,080 to 6,800. Those are some of the strongest figures we’ve seen in at least 18 years. However, these figures need to be taken with a large grain of salt.”

“Today’s data and the related revisions leave the annual inflow of people into the country running at 58,000. That implies a significant and sudden change in direction in net migration over the past two months.”