Gross domestic product New Zealand GDP widely exceeded expectations in the second quarter, reaching 2.8% versus 1.3% expected. On an annual basis, it also beat expectations, rising 17.4% versus the 16.3% expected.
“Because these data inform us about the historical starting point of the economy, it is the only data set that, if strong, will fuel the feeling that the ‘RBNZ has something to do to catch up’, which sees the markets price discount by about a 15% chance of a + 50bp rise in OCR in October“ANZ bank analysts said before the data.
About gross domestic product GDP
The GDP published by Statistics New Zealand is an estimate of the total value of goods and services produced in New Zealand. GDP is considered a measure of global economic activity and indicates the rate of growth of a country’s economy. A result above expectations is bullish for the New Zealand dollar, while a reading below the market consensus is bearish.
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