The data post is here from earlier:
Some remarks on the results now via ASB (in brief and bolding mine)
Q3 GDP growth was in line with market expectations, only slightly weaker than the RBNZ's November MPS forecast but stronger than our own view.
- However, the key area of surprise was the material upward revisions to growth over the past three years. The weakness in previously published per-capita growth estimates was always surprising, particularly given the strength of economic supports including low interest rates, strong labour market and a robust export performance (particularly from tourism and fruit).
The key question going forward is what will be the implications for future growth and inflation, although that may take some further analysis.
Nonetheless, the stronger economic momentum should boost the RBNZ's confidence of inflation picking up and the RBNZ may bring forward the timing of its forecast rate hikes at the February MPS (the RBNZ currently does not expect rate hikes until roughly late 2019). We currently expect the RBNZ to start lifting interest rates in early 2019, although early next year we will be closely assessing the impact of stronger growth and its relationship with inflation.
