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1. New Zealand’s real GDP rose +0.8% q/q and +1.5% y/y in Q1.
Quarterly GDP growth was a bit softer than the RBNZ’s May MPS forecast of +1.0% q/q.
But upward revisions meant that the level of GDP in Q1 was actually higher than the RBNZ anticipated and year-ended growth of +1.5% y/y was 0.3ppts stronger than expected.
2. Real output rose in Q1 in 9 of 16 industries, with manufacturing showing the strongest growth of +1.5% q/q. That supported output growth of +0.4% q/q in goods-producing industries. Services output rose +0.5% q/q (and +2.0% y/y) and primary value-added declined 0.5% q/q.
As expected, published GDP growth was stronger than estimates using indirect seasonal adjustment (i.e. seasonally adjusting the components and then aggregating). The residual - the seasonal adjustment balancing item - contributed a little more than 0.2ppts to quarterly GDP growth.
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