ONLY CHARTS is only available to paid subscribers.
A 7-day free trial is available below. Group discounts are available here.
Antipodean Macro’s in-depth research is available here.
1. New Zealand’s Q2 GDP fell 0.9% q/q following upwardly revised growth of +0.9% q/q in Q1. Output fell 2.3% q/q in goods-producing industries and 0.7% in primary industries, while services output was unchanged. Output declined in 10 of 16 industries.
GDP declined 0.6% on a year-ended basis, with the largest fall in construction output (-7.6% y/y).
The contraction in Q2 GDP was much larger than both market expectations and the RBNZ’s August forecast (-0.3% q/q).
As expected, the seasonal adjustment balancing item contributed heavily (-0.3ppts) to the measured decline in GDP growth in Q2. This hints at ongoing seasonal adjustment challenges facing StatsNZ, particularly since the pandemic.
2. While the production-based measure of GDP is the headline measure for New Zealand, the levels of both the expenditure- and income-based measures are currently much higher.
Keep reading with a 7-day free trial
Subscribe to Antipodean Macro to keep reading this post and get 7 days of free access to the full post archives.