Here are the data results for New Zealand Q3 GDP: +1.0% q/q
- expected +0.7%
- prior was +0.7%
New Zealand Q3 GDP: +3.2% y/y
- expected +3.3%
- prior was +3.2%, revised down from +3.9%
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Growth was largely driven by primary industries, which are up 5.8%
- Agriculture (up 4.7 percent)
- Mining (up 8.0 percent)
- Forestry and logging was down 4.0 percent
Manufacturing activity also grew (2.0 percent)
- Metal product manufacturing (up 4.9 percent)
- Machinery and equipment manufacturing (up 3.7 percent)
Household spending was up 1.5 percent
- 4.0 percent increase in durables – including used motor vehicles and furniture (this is the highest quarterly increase in durables since before the global financial crisis)
Investment also increased (3.5 percent), mainly due to increased spending on machinery and transport equipment
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The NZD spiked on the release, but its all about the USD in the wake of the FOMC & Yellen’s commentary and thus the spike was short lived. The revision in the prior y/y didn’t help, either.NZD back now around where it was 0.7705
