NZ GDP in line Q/Q 0.6% but Y/Y a miss 2.3% - NZD mixed, no great shakes

Markets had been expecting New Zealand GDP data Q4 growth of just 0.6%qtr which was below the RBNZ forecast of 0.8%.

• The 2.3% Y/Y miss, vs 2.5% exp and 2.6% prior is concerning. 
• Markets are priced about 50/50 for a rate cut by Sep.

NZD/USD is mixed on the data.

About NZ GDP

The Gross Domestic Product released by the Statistics New Zealand is a measure of the total value of all goods and services produced by New Zealand. The GDP is considered as a broad measure of New Zealand economic activity and health. Generally speaking, a high reading is seen as positive (or bullish) for the NZD, while a falling trend is seen as negative (or bearish) for the NZD.