ONLY CHARTS #172

NZ Q2 GDP

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1. New Zealand’s Q2 GDP fell 0.2% q/q and 0.5% y/y, which was better than consensus (-0.4% q/q) and the RBNZ’s August MPS forecast (-0.5% q/q).

Year-ended growth in Q1 was revised up slightly to +0.5% from +0.3%.

All measures of New Zealand’s real GDP have been little changed for 2 years.

Domestic demand rose slightly in Q2 but remained well below the peak.

2. Business surveys point to the risk of further near-term weakness in New Zealand’s economy…