New Zealand Q4 GDP

+0.9% q/q (sa)

  • expected +0.7%, prior +0.9%

+2.3% y/y

  • expected +2.1%and prior was +2.3%

Another beat from the NZ economy. This will be supportive (again) for the NZD.

It will reduce expectations for another near-term RBNZ rate cut. The RBNZ are still heeding the very low inflation figures, so thoughts of cuts won't disappear, but they'll be further away now

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Farm production slowed, but gains for construction (construction-related investment increased, this was offset by lower investment in plant, machinery, and equipment; and transport equipment), business services and retail.