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1. New Zealand’s Q1 GDP rose +0.8% q/q after rising +0.5% q/q in Q4 2024 (downwardly revised from +0.7% q/q). Output rose in 9 of 16 industries, with +2.4% q/q gains in manufacturing and professional services leading the way.
GDP declined 0.7% on a year-ended basis, with the largest fall in construction output (-8.9% y/y).
Q1 GDP growth was stronger than the RBNZ’s May forecast of +0.4% q/q and -1.1% y/y, and a little above market expectations.
2. Domestic demand (GNE) rose just +0.3% q/q in Q1 but remained well below the peak two years ago.
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