Consumption in New Zealand
New Zealand - Consumption
The economy sinks in Q1 as Omicron variant spreads
GDP decreased 0.2% in seasonally-adjusted quarter-on-quarter terms in Q1 amid the spread of the Omicron variant and border restrictions. The result followed Q4 2021’s 3.0% expansion. Meanwhile, on an annual basis, GDP expanded 1.2% in Q1, following Q4’s 3.1% increase.
The quarterly downturn came on the back of a marked cooling in both domestic and external demand. Private consumption rose 4.6% (Q4: +5.5% s.a. qoq), while fixed investment growth fell to 1.2% in Q1 (Q4: +12.1% s.a. qoq). Moreover, government spending growth moderated (Q1: +2.0% s.a. qoq; Q4: +4.1% s.a. qoq).
Meanwhile, exports fell at a sharper rate of 14.3% in Q1 (Q4: -2.0% s.a. qoq), while imports shrank 2.8% in the quarter, after increasing 3.2% in Q4.
FocusEconomics panelists project the economy to grow 4.5% in 2022, which is unchanged from last month’s estimate, and 3.2% in 2023.
New Zealand - Consumption Data
|Consumption (annual variation in %)||3.6||5.6||5.2||3.2||2.7|
5 years of economic forecasts for more than 30 economic indicators.
New Zealand Facts
|Bond Yield||1.67||1.20 %||Dec 30|
|Exchange Rate||0.67||-1.69 %||Jan 01|
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August 11, 2022
The ANZ bank business outlook indicator rose in July.
August 11, 2022
The ANZ-Roy Morgan consumer confidence indicator rose to 81.9 in July from June’s 80.5.
August 3, 2022
The seasonally-adjusted unemployment rate rose to 3.3% in Q2 from Q1’s 3.2%, which had marked the lowest print since 1986.
July 20, 2022
Consumer prices soared 1.7% from the previous quarter in Q2, coming in slightly below Q1’s 1.8% jump.
July 14, 2022
At its 13 July meeting, the Reserve Bank of New Zealand (RBNZ) hiked the official cash rate to 2.50% from 2.00%, marking the sixth consecutive increase.