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New Zealand GDP surprises to the downside, shallow recovery to -0.1% from -0.3%

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New Zealand's Gross Domestic Product (GDP) contracted another -0.1% in the fourth quarter, recovering from the previous quarter's -0.3% but missing the median market forecast of an increase of 0.1%.

New Zealand's Gross Domestic Product contracted another -0.1% in the fourth quarter, recovering from the previous quarter's -0.3% but missing the median market forecast of an increase of 0.1%. Annualized YoY GDP in Q4 also missed the mark, coming in at -0.3%. Annualized quarterly GDP bounced from the previous print of -0.6%, but failed to hit the market's forecast 0.1%.

Market reaction The NZD/USD pair saw a quick drop when the GDP print missed the mark, declining into 0.6055 in early Thursday trading. The pair initially rallied on Wednesday after the Fed held rates but tilted its head at future rate cuts, driving Kiwi to an intraday high of 0.6085. About New Zealand's quarterly GDP The Gross Domestic Product , released by Statistics New Zealand, highlights the overall economic performance on a quarterly basis.

 

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