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Business Weekly Economic Report
Bad
Monday, 29 June 2009
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The economy remained in bad shape in Q1. GDP contracted 1%, weaker than the market and ourselves were expecting, with some very large declines in manufacturing, transport and communication contributing to a very weak picture.
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The GDP report highlighted that the underlying momentum in GDP is very weak and downside risks remain to the economic and inflation outlook.
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June’s NBNZ Business Outlook survey the only main NZ release this week, watch for the extent to which business confidence holds onto May’s gains.
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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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