New Zealand avoids a technical recession – UOB – by pabspiovano NewZealand GDP EconomicHealth Banks EconomicIndicator
“GDP rose by 1.7% q/q in 2Q22, in contrast to the 0.2% q/q fall in 1Q22, and higher than expectations for a print of +1.0% q/q. Compared to the same period one year ago, GDP rose by 0.4% y/y, following a revised 1.0% y/y print in 1Q22 , and also more than expectations of 0.0% y/y.”
“Still, this is unlikely to deter the Reserve Bank of New Zealand from further increasing borrowing costs to tackle inflation. The next RBNZ meeting is on 5 Oct, where we are pencilling in a 50bps hike in the OCR from 3.00% to 3.50%.” If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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