New Zealand GDP rebounds but fails to lift NZD

The Gross Domestic Product (GDP), released by Statistics New Zealand arrived as +3.0% for the quarter (vs. expected 3.2%).

For the year, it came in at Q4 3.1% vs the estimated 3.3% vs the previous -0.3%.

NZD/USD is steady on the outcome as a rebound was widely expected.

More to come...

About NZD GDP

The Gross Domestic Product (GDP), released by Statistics New Zealand, highlights the overall economic performance on a quarterly basis. The gauge has a significant influence on the Reserve Bank of New Zealand’s (RBNZ) monetary policy decision, in turn affecting the New Zealand dollar. A rise in the GDP rate signifies improvement in the economic conditions, which calls for tighter monetary policy, while a drop suggests deterioration in the activity. An above-forecast GDP reading is seen as NZD bullish.