New Zealand Economic Outlook
September 18, 2018Although national accounts data is yet to be released, available indicators point to stronger quarter-on-quarter growth in Q2 following Q1’s over one-year low. Despite the unemployment rate ticking up in Q2, the labor market remains in robust shape. This, coupled with signs that wage growth is gradually picking up allude to solid private consumption activity, as evidenced by the quicker pace of expansion of retail sales in the quarter. Furthermore, construction activity rebounded strongly in Q2, led by a marked increase in building work of non-residential buildings. On the external front, thanks to higher commodity prices and solid services exports, particularly from tourism and spending by international students, the external sector is likely to drag less on overall growth compared to the previous quarter. Meanwhile, data for the third quarter has been mixed so far. Electronic card transactions grew at a healthy monthly rate in July and August, pointing to resilient consumer spending. On the other hand, business confidence continued to fall sharply, reaching an over one-decade low in August.
New Zealand Economic GrowthRobust growth is expected to carry over into next year. The economy should be buoyed by favorable monetary conditions, a strong job market and increased government spending. Heavy reliance of exports on the Chinese market, however, represents a key downside risk as a slowdown of activity or a weaker yuan could dent external sector performance. Met the why particular panelists expect the economy to expand 2.7% in 2018 and 2.7% again in 2019, unchanged from last month’s forecast.
New Zealand Economy Data
5 years of New Zealand economic forecasts for more than 30 economic indicators.
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New Zealand Facts
|Bond Yield||2.69||1.20 %||Sep 24|
|Exchange Rate||0.66||-1.69 %||Sep 24|
|Stock Market||4,175||0.11 %||Sep 24|
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New Zealand Economic News
September 20, 2018
Economic growth picked up markedly in the second quarter, according to data released by the Statistical Institute on 20 September.
August 31, 2018
The ANZ-Roy Morgan consumer confidence indicator fell for the third consecutive month in August, from 118.4 in July to 117.6—marking the lowest print since May 2016.
August 31, 2018
The ANZ Bank Business Outlook indicator showed that a net 50.3% of surveyed firms were pessimistic over general business conditions in the year ahead in August, a higher proportion than July’s 44.9% and marking the lowest reading since April 2008.
August 9, 2018
At its 9 August meeting, the Reserve Bank of New Zealand (RBNZ) met market analysts’ expectations and kept the Official Cash Rate (OCR) unchanged at a record-low 1.75%, where it has been since November 2016.
August 1, 2018
Despite a marginal rise in unemployment in the second quarter, New Zealand’s labor market remains robust.