January to March 2019 economic growth data for NZ

0.6% q/q

  • expected 0.6% q/q, prior 0.6%

2.5% y/y

  • expected 2.3% y/y, prior 2.3%

The RBNZ will like this result today, they cut rates at the previous meeting but this lower the prospect for a cut at the next. Further rate cuts are not going to be ruled out, but the bank can afford to wait.

NZD marked higher with the y/y beat.