There has been a lot of water under the bridge in the two and a half months since the end of Q4.

Nevertheless, the data:

GDP (sa) -1.0% q/q

  • expected 0.2%, prior 14.0%

GDP -0.9% y/y

  • expected 0.5%, prior 0.4%

Despite the subdued numbers GDP in New Zealand is above pre-pandemic levels, a global outperformer.

The -1% q/q is being greeted with horror by the usual suspects. It comes after a +14% in Q3 though. Take a chill pill.