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Business Weekly Economic Report
Underlying weakness
Monday, 22 June 2009
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This week we get a few chunky pieces of NZ data: Q1 GDP and current account and Q2 consumer confidence. Friday’s GDP release will hog the limelight.
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We expect a 0.5% fall in quarterly GDP, a relatively mild fall compared to some forecasts. Although, the underlying momentum in GDP is weaker than a 0.5% fall implies with some one-offs providing some temporary relief.
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Given the backdrop of the global financial crisis and the sudden shock to demand, NZ continues to fare comparatively well from an international perspective.
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Report Prepared by:
Jane Turner
ASB Economist
Phone: +64 9 374 8185
Fax: +64 9 302 0992
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