fxs_header_sponsor_anchor

News

New Zealand's GDP to contract 7.2% in fiscal year 2021 - NZIER

New Zealand's gross domestic product (GDP) is now seen contracting by 7.2% in the fiscal year March 2021, according to the NZ Institute of Economic Research (NZIER). 

Key points

Consensus Forecasts for GDP have been revised up for the year to March 2021, as the New Zealand economy has turned out more resilient than expected.

The economy is likely to expand by 6.7% in the fiscal year of March 2022. 

New Zealand's relative success in containing COVID-19 has supported the demand for the New Zealand dollar. 

With other major central banks also embarking on very loose monetary policy, the NZD remains attractive. 

Inflation to remain in the bottom half of the Reserve Bank’s 1- 3% inflation target band through to 2024. 

The forecast for the unemployment rate has been revised lower through the projection period, but average expectations are for it to remain persistently high at 5.8% in 2023. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.