Small Downward Revisions in New Zealand GDP Data Show Weaker-Than-Estimated Economic Momentum, ANZ Research Says

MT Newswires Live03-19 10:11

There were small downward revisions in the December 2025 quarter gross domestic product (GDP) data that reveal weaker economic momentum than previously estimated, with September 2025 GDP revised to 0.9% growth quarter over quarter from a previous estimate of 1.1%, ANZ Research said in a Thursday note.

New Zealand's economy expanded 0.2% in the December 2025 quarter, following a 0.9% expansion in the previous quarter, Stats NZ data showed.

The data was in line with ANZ's forecast but below the central bank's February monetary policy statement forecast of 0.5% quarter-over-quarter growth and the median market forecast of 0.5% expansion. The forecast miss isn't large enough to prompt a major rethink from the Reserve Bank of New Zealand, but gives it "a little more latitude to look through the near-term inflationary impact of the oil shock" and focus on the potential medium-term implications.

Services industry growth was stronger than expected at 0.7%, compared with ANZ's forecast of 0.4%, driven by private sector services industries.

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