The Monthly Economic Indicators August 2015 from the New Zealand Treasury is out now
Key points (bolding mine):
- GDP growth in the June quarter is expected to be around 0.6%, lower than the BEFU forecast. Annual growth in 2015 may fall to 2.0% as domestic demand softens.
- Weakness in retail spending as employment growth declined points to softer private consumption growth in the June quarter than previously expected.
- However, a buoyant housing market, elevated net migration gains and exchange rate depreciation are expected to continue to support growth.
- Dairy prices remained low in August, pointing to further falls in the terms of trade.
- Volatility in financial markets reflected concerns over China's growth slowdown.
