New Zealand Q4-2014 GDP growth likely remained robust
Statistics New Zealand is scheduled to release Q4-2014 GDP data on 19 March. Standard Chartered notes its forecasts as follows: We expect GDP growth to have remained robust at 3.2% y/y (0.6% q/q), but slightly slower tha…
Statistics New Zealand is scheduled to release Q4-2014 GDP data on 19 March.
Standard Chartered notes its forecasts as follows:
We expect GDP growth to have remained robust at 3.2% y/y (0.6% q/q), but slightly slower than 1.0% q/q growth in Q3.
The further drop in dairy prices and the more severe-than-expected drought likely affected GDP growth, but we expect continued strength in the construction sector to have offset this.
Construction activity, particularly in Canterbury and Auckland, has remained strong and likely continued to contribute the most to growth.
Dairy exports, which constitute c.5% of GDP, likely dropped mildly from Q2 (although they were likely higher than in Q3), while consumption likely rose 3.5% y/y.
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