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1. New Zealand’s Q4 GDP rose +0.25% q/q following downwardly revised growth of +0.9% q/q in Q3. GDP rose +1.3% on a year-ended basis.
Real output rose in Q4 in 13 of 16 industries, with construction showing the largest decline of -1.4% q/q. That weighed on output in goods-producing industries which fell 0.4% q/q. Services output rose +0.7% q/q and primary value-added grew +0.9% q/q.
Q4 GDP growth was softer than the RBNZ’s February MPS forecast (+0.5% q/q and +1.7% y/y) and its nowcasting model (+0.4% q/q).
As expected, the seasonal adjustment balancing item did not have much influence of measured growth in GDP in Q4.
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. GDP(E) rose +0.1% q/q in Q4.
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