ONLY CHARTS #110

NZ Q1 GDP

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1. New Zealand’s Q1 GDP rose 0.2% q/q and 0.3% y/y, in line with consensus and the RBNZ’s May MPS forecast.

All measures of New Zealand’s real GDP have been little changed for 18 months.

Domestic demand rose in Q1 but not enough to retrace the decline in Q4 2023.

2. But Q1 is old news and PMI data suggest that growth in New Zealand has weakened since Q1.