Annual GDP Growth: +0.3%, a rebound from the previous quarter's -0.3%.
Industry Highlights:
- Public Utilities: +2.9% (up from +0.2 in Q4 2023)
- Retail Trade: +0.2% (recovering from -0.7% in Q4 2023)
- Arts and Entertainment: +0.3% (up from -0.9 in Q4 2023)
Other Industry Performance:
- Wholesale Trade: -0.3% (improving from -1.8% in Q4 2023)
- 8 out of 16 industries showed expansion.
Inflation Constraints:
- New Zealand Reserve Bank Chief Economist Paul Conway reported progress.
- Increased economic capacity and a more flexible labor market are helping.
- The future stringency of policies may vary.
NZD: Stable at 0.613 USD, benefiting from disappointing US retail sales that weakened the dollar, hinting at a possible Fed rate cut.
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GDP Growth: +0.2% in Q1 2024, reversing the -0.1% decline in Q4 2023.
