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Economics
4 mins to read

Surprise contraction in economy, outlook weaker

New Zealand’s economy slowed faster than expected in the September quarter, with a 0.3% contraction.

Will this be enough to stop the RBNZ from further OCR hikes next year?

Key points
  • What’s at stake: Whether the RBNZ needs to hike the official cash rate again in 2024 because of stubborn inflation pressures. 
  • Background: The NZ economy contracted by a surprise 0.3% in the September quarter, with revisions to other quarters. 
  • Key players: RBNZ, Adrian Orr, Stats NZ, CTU, Craig Renney, Westpac, Darren Gibbs, Forsyth Barr, Zoe Wallis. 

New Zealand’s economy contracted by a surprise 0.3% in the September quarter, worse than expected, while June-quarter growth was revised downwards.

Stats NZ said all goods-producing industries were weaker in the September quarter, led by a fall in manufacturing.

It said that decline was driven by

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Contact the Writer: jmitchell@nbr.co.nz
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Key points
  • What’s at stake: Whether the RBNZ needs to hike the official cash rate again in 2024 because of stubborn inflation pressures. 
  • Background: The NZ economy contracted by a surprise 0.3% in the September quarter, with revisions to other quarters. 
  • Key players: RBNZ, Adrian Orr, Stats NZ, CTU, Craig Renney, Westpac, Darren Gibbs, Forsyth Barr, Zoe Wallis. 
Surprise contraction in economy, outlook weaker
Economics,
102132
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