market<\/strong> <\/a>forecast for 1% rise.<\/p>\nThe bounce in the second quarter followed a 0.2% dip in the first quarter. Assessment at the time was due ti disruptions to activity from the peak of the Omicrone wave, and the absence of the usual uplift in tourist spending at that time if year. Both of those effects were reversed out in the second quarter; the border reopening led to a strong lift in tourists during what would normally have been the seasonal lull.<\/p>\n
Even the strong overall result, it\u2019s important to note that there are parts of the economy that were in decline. Retail sales were down 3.7%, mining shrank by another 8%, non-food manufacturing fell by 1.3% and construction saw a surprising 2.4% fall.<\/p>\n
Current result very much in line with the RBNZ\u2019a expectation, there are no obvious implications for the interest rate outlook. The heart of the issue is that the economy is running above its non-inflationary capacity. Higher interest rates will work to close that gap over time, but the challenge is in managing that process. Doing too little means that inflation could become stubbornly persistent; too much could mean an unnecessary period of weak activity and high unemployment. It is agreed with the RBNZ that a 4% peak in the official Cash Rate would give the best chance of striking that balance.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Zealand Q2 GDP Beats Expectations New Zealand\u2019s GDP rebound by 1.7% in the second quarter, close to the forecast and the RBNZ\u2019s expectation. Services grew strongly as tourists started to return. New Zealand\u2019s GDP rose bu 1.7% on the June Quarter, much in line with 1.6% forecast, as well as the 1.8% rise that<\/p>\n... continue reading<\/a>.","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[265,182,19,35,326,22,201],"yoast_head":"\r\nNew Zealand Q2 GDP Beats Expectations<\/title>\r\n<meta name=\"description\" content=\"New Zealand\u2019s GDP rebound by 1.7% in the second quarter, close to the forecast and the RBNZ\u2019s expectation.\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/MU\/new-zealand-q2-gdp-beats-expectations\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"New Zealand Q2 GDP Beats Expectations\" \/>\r\n<meta property=\"og:description\" content=\"New Zealand\u2019s GDP rebound by 1.7% in the second 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