Third-quarter GDP falls 3.7%, improving on the expected 4.5% decline

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The New Zealand’s Gross Domestic Product (GDP) fell 3.7% in the third quarter of the year after having risen 2.4% in the second (figure revised down from 2.8%). The result improves the market consensus, which expected a drop of 4.5%. This is the first drop seen since the fourth quarter of 2020, when it stood at -1%.

The Year-on-year GDP for the third quarter fell to -0.3% from the previous + 17.9% (figure revised up from 17.4%), improving the -1.6% expected by the market.

NZD / USD reaction

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The NZD / USD It operates positive on the day after the data was published. With the Fed’s announcement, the pair fell sharply to 0.6701, a new thirteen-month low, but subsequently recovered more than 85 pips, rising to the zone. 0.6789, two day maximums. At time of writing, the kiwi is trading against the dollar above 0.6786, gaining 0.06% daily.

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