New Zealand: GDP surprised to the downside in Q4 2022 – UOB – by pabspiovano NewZealand GDP Banks RBNZ
“GDP came in much weaker than expected, contracting by 0.6% q/q in 4Q22, in contrast to the revised 1.7% q/q gain in 3Q22, and lower than expectations for a print of -0.2% q/q. The latest GDP outcome was also sharply weaker than the Reserve Bank of New Zealand ’s Feb MPC projection of +0.7% q/q.”. Our view is that the economy is likely to experience further weakness ahead. We have lowered our GDP growth forecast for 2023 to 1.3%, from 1.5% previously.
“We now think the RBNZ will have to dial back on further rate hikes, especially in light of the looming policy-induced recession and surging migration domestically, as well as on the back of current global financial stability concerns. The next RBNZ meeting is on 5 Apr, where we are penciling in a 25bps hike in the OCR to 5.00%, after which we expect a pause in the current tightening cycle.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New Zealand foreign minister to meet Chinese counterpart in BeijingNew Zealand's foreign minister, Nanaia Mahuta, will travel to China on Tuesday to meet her counterpart Qin Gang on the first such visit by a New Zealand minister since 2019.
Read more »
New Zealand's foreign minister to visit counterpart in ChinaWELLINGTON, New Zealand (AP) — New Zealand's Foreign Minister Nanaia Mahuta will visit her counterpart Qin Gang in Beijing this week in the first trip by a New Zealand minister to China in four years, officials said Monday.
Read more »
How To Be A 'Good Ancestor' - CleanTechnicaAt New Zealand’s First Clean Energy Conference, NREL Joined U.S. and New Zealand To Discuss Social, Financial Hurdles to Decarbonization
Read more »
EUR/USD keeps the consolidative phase in place – UOBEconomist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group suggest EUR/USD faces further range bound trading in the next weeks. Key Quot
Read more »
GBP/USD: Further gains in the pipeline above 1.2220 – UOBIn the opinion of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, sustainable gains in GBP/USD look likely once the pair cle
Read more »
AUD/USD: Further upside now targets 0.6780 – UOBExtra gains could motivate AUD/USD to revisit the 0.6780 zone in the near term, note Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UO
Read more »