NZ: Q1 construction work done was softer at -3.5%/q - TDS

The analysis team at TDS explains that New Zealand’s Q1 Construction Work Done was softer -3.5%/q vs +0.3% anticipated.

Key Quotes

“In terms of components Residential Construction dropped 0.8%/q with non-residential construction staging a sharper 7.2% decline for the quarter. For now we see this as a temporary decline given the strong pipeline of work still ahead. We will get a better sense of where Q1 NZ GDP will come in at after Q1 Manufacturing data is released tomorrow. But based off today’s numbers, we see downside risks to TD’s Q1 GDP forecast of +0.8% and in turn the RBNZ’s +0.9% forecast.”