New Zealand Grows at Fastest Pace Since 2007

A boost in tourist spending lifted economic growth in New Zealand during the fourth quarter, a sign that a buoyant economy with limited inflation pressures will keep pressure off the central bank to move on interest rates.

The economy grew a seasonally adjusted 0.8 percent in the quarter, according to Statistics New Zealand, a touch more than economists’ forecast of 0.7 percent, as the retail trade and accommodation sector received a strong boost from overseas visitors.

The annual growth rate rose to 3.5 percent, the highest since the September 2007 quarter. Economists had expected 3.3 percent.  The data was in line with the Reserve Bank of New Zealand’s (RBNZ) forecast and consistent with the growth trend seen by many economists.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.