New Zealand data - big miss

Q1 GDP (seasonally adjusted), +0.2 % q/q

  • expected is +0.6%
  • prior was +0.8%

Q1 GDP, +2.6 % y/y

  • expected is +3.1%
  • prior was +3.5%

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NZD getting hit hard ... AUD falling with it

From Statistics NZ:

  • 2.9 percent fall in primary industries (agriculture, forestry, and mining) - the largest fall since September 2010
  • "Oil and gas were big factors in the lower GDP growth this quarter," national accounts manager Gary Dunnet said. "There was less extraction and exploration, as international prices fell."
  • Agriculture decreased 2.3 percent in the March 2015 quarter. Lower milk production was behind the decrease, in a quarter that had drought conditions and lower dairy prices
  • Forestry production and exports of forestry products were also down.
  • A 2.4 percent increase in retail trade and accommodation helped to offset the decrease in primary industries ... Possible contributors this quarter include the 2015 Cricket World Cup and more visitors during Chinese New Year than in the past
  • On the expenditure measure of GDP, household spending increased 0.7 percent, while investment fell 1.9 percent. An increase in construction investment was offset by large decreases in both machinery and equipment investment.