New Zealand Weekly Data Wrap

New Zealand's Q1 GDP faces downside pressure from weaker-than-expected building activity, although resilient high-frequency data and upward revisions to commodity price forecasts provide some offset.

Key Takeaways

• 1.Building activity data in Q1 was weaker than expected, creating downside risks for Q1 GDP forecasts.
• 2.Despite construction weakness, high-frequency data such as card spending and consumer confidence show resilience.
• 3.New Zealand farmgate milk price forecasts for the 2026/27 season have been revised upwards to $9.20/kgMS.

Table of Contents

• ANZ Proprietary data
• Key forecasts and rates
• Mixed picture
• NZ Economic News
• Data calendar
• Interest rate markets
• FX markets
• The week ahead
• Key Forecasts and Rates
• Meet the team
• Important Notice

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