New Zealand Q1 GDP (sa) for the q/q, comes in at +1.0%
- expected +1.1% q/q
- prior was +1.0%, revised from +0.9%
Q1 GDP (sa) for the y/y, comes in at +3.8%
- expected +3.7% q/q
- prior was +3.3%, revised from +3.1%
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Release from Statistics New Zealand:
- “Construction was responsible for two-thirds of GDP growth this quarter,” national accounts manager Gary Dunnet said. “This is the largest increase in construction in 14 years.”
- Third consecutive quarter in which GDP has grown by 1.0 percent or more
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The result has come in below expectations, but the previous quarter has been revised higher, which will cushion the disappointment somewhat. I posted earlier that I expect the NZD/USD to continue to be mainly driven by interest rate differentials and that the market will see dips in the NZD as buying opportunities. Thoughts welcome, as always. (Disclaimer: Due to being human I welcome thoughts that are in full agreement with my own. Thoughts not in agreement are grudgingly accepted
. But, seriously, counter arguments very welcome indeed!)
