NZ Finance Minister Grant Robertson comments, says that despite the GDP data the economy in New Zealand remains resilient.

The data, ICYMI, showed the economy shrunk in Q4 of 2022:


On the data, Q3 was revised to 1.7% q/q from 2.0%.

  • Q4 came in at -0.6%, much worse than the -0.2% consensus expected and miles from the Reserve Bank of New Zealand forecast of +0.7!
  • consumption was flat
  • investment dropped

As you see above, expectations for the RBNZ April 5 meeting are being scaled back to a 0.25bp rate hike. If banking system ructions its not a stretch to think the Reserve Bank of New Zealand will pause in April.

rbnz dates 2023 2