New Zealand Economic Outlook
December 16, 2021The economy is expected to have contracted sizably in the third quarter, due to the reintroduction of restrictions in August and September amid rising new Covid-19 cases. Retail sales took a considerable hit in the quarter owing to lockdowns, with the Auckland region bearing the brunt of the damage. Moreover, falling business and consumer confidence point to weaker dynamics. Moving into the final quarter of the year, the economy should be benefiting from the gradual easing of containment measures. That said, a further decline in business sentiment in October-November hints at subdued private sector activity, while falling consumer confidence in the same period also calls for caution. Meanwhile, the government recently announced that it will reopen its borders over the coming months, with displaced residents allowed to return from January and tourists from April.
New Zealand Economic GrowthThe economy is expected to expand at a healthy pace in 2022. A supportive fiscal stance and unleashed pent-up spending should fuel domestic demand, while sustained global demand for commodities is set to buttress the external sector. However, pandemic-related uncertainty and prolonged global supply bottlenecks pose downside risks. FocusEconomics panelists project the economy to grow 3.5% in 2022, which is up 0.1 percentage points from last month’s estimate, and 2.7% in 2023.
New Zealand Economy Data
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New Zealand Facts
|Bond Yield||1.67||1.20 %||Dec 30|
|Exchange Rate||0.67||-1.69 %||Jan 01|
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New Zealand Economic News
January 3, 2022
The ANZ-Roy Morgan consumer confidence indicator rose to 98.3 in December from November’s 98.3.
December 20, 2021
GDP fell 3.7% in seasonally-adjusted quarter-on-quarter terms in Q3, amid the reinstatement of Covid-19 restrictions.
December 17, 2021
The ANZ bank business outlook indicator dropped in December.
December 10, 2021
The ANZ-Roy Morgan consumer confidence indicator fell to 96.6 in November from October’s 98.0.
November 24, 2021
At its 24 November meeting, the Reserve Bank of New Zealand (RBNZ) decided to hike the official cash rate to 0.75% from 0.50%, marking the second consecutive increase.