Consumption in New Zealand
New Zealand - Consumption
Growth stable in Q1
The economy expanded 0.6% in quarter-on-quarter seasonally-adjusted terms in the first quarter, unchanged from Q4 2018’s result. Likewise, on a year-on-year basis, first quarter growth matched the previous quarter’s 2.3% expansion, which had marked the lowest print in five years.
The first-quarter expansion was chiefly led by goods-producing industries, which accelerated on the back of the sharpest increase in construction activity in a year and a half, and a rebound in manufacturing output (Q1: +1.4% quarter-on-quarter seasonally-adjusted; Q4 2018: +0.4% qoq s.a.). In contrast, the services sector posted its lowest quarterly growth since September 2012 (Q1: +0.2% qoq s.a.; Q4 2018: +0.9% qoq s.a.), dragged by lower activity in the rental, hiring and real estate services, as well as in the retail trade and accommodation sectors. Lastly, primary industries shrank 0.7% in Q1 (Q4 2018: -0.3% qoq s.a.), as adverse weather conditions weighed on the agricultural sector.
On the expenditure side, both fixed investment and government expenditure gathered momentum in the first quarter, while private consumption lost stride. On the external front, exports recorded the fastest quarter-on-quarter increase in more than four years in Q1, while imports rebounded mildly.
FocusEconomics Consensus Forecast panelists expect the economy to grow 2.5% in 2019, which is unchanged from last month’s forecast, and also 2.5% in 2020.
New Zealand - Consumption Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Consumption (annual variation in %) | 3.5 | 3.1 | 3.6 | 5.3 | 4.8 |
New Zealand Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.47 | 1.20 % | Jul 31 |
| Exchange Rate | 0.66 | -1.69 % | Jul 31 |
| Stock Market | 4,733 | 0.11 % | Jul 31 |
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Economic News
New Zealand: RBNZ cuts the policy rate by 50 basis points to an all-time low in surprise move
August 7, 2019
On 7 August, the Reserve Bank of New Zealand (RBNZ) surprised market analysts by slashing the official cash rate (OCR) by 50 basis points to an all-time low of 1.00%.
New Zealand: Unemployment rate slides again in Q2
August 6, 2019
The seasonally-adjusted unemployment rate fell to 3.9% in Q2, down from 4.2% in Q1.
New Zealand: Consumer confidence at nine-month low in July
August 2, 2019
The ANZ-Roy Morgan consumer confidence indicator dropped to 116.4 in July (June: 122.6), moving closer to the 100-point threshold that separates optimism from pessimism among consumers. Consumers were less optimistic about their current financial situation, and they also grew less confident about their future financial conditions.
New Zealand: Business confidence moves further into pessimistic territory in July
July 31, 2019
The ANZ bank business outlook indicator fell by 6.2 points in July, with a net 44.3% of firms reporting that they expect general business conditions to deteriorate this year.
New Zealand: Inflation accelerates on higher fuel and housing costs in Q2
July 16, 2019
Consumer prices increased 0.6% in Q2 2019 over the previous quarter, up notably from Q1 0.1% uptick, according to Statistics New Zealand.
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