New Zealand Q3 GDP: 0.7% q/q (vs 0.5% expected)

NZ July to September 2019 economic growth data

GDP 0.7% y/y for a very solid beat indeed …. NZD marked higher

• expected 2.3%, prior 2.1%

GDP (sa) 2.3% q/q

• expected 0.5%, prior 0.1%, revised from 0.5%

While GDP data is often dismissed as 'backward looking' (and, yeah, it is) this beat is in line some of the better more recent data we are seeing from NZ. Takes some of the pressure off the RBNZ to ease further.

NZD was marked higher on the result

Background to this here:

• New Zealand Q3 GDP report due Thursday - preview