NZ Treasury: Aug data releases point to stronger GDP growth than expected in the Budget Economic and Fiscal Update

The latest monthly economic indicators from New Zealand’s treasury revealed that the August macro releases pointed to ‘stronger GDP growth’.

The summary from the Treasury:

“Solid labour demand drove growth in aggregate labour earnings, boosting household spending in the June quarter.”

“The upswing in activity continued in the September quarter, driven by high consumer confidence, elevated net migration and tourist arrivals, and strong housing demand.”

“Despite robust demand in the economy, the inflation outlook remains subdued as cost pressures are generally low.”

“Weak import values and a pick-up in key commodity prices point to a lower current account deficit than forecast in the June and September quarters.”

"Key economic data releases over August continued to point to stronger GDP growth than expected in the Budget Economic and Fiscal Update."