MNI BRIEF: NZ GDP Grows 0.8% Q/Q

The New Zealand economy grew 0.8% q/q in Q1, 10 basis points higher than the previous quarter, data from Stats NZ showed Thursday. 

The print was also 10bp higher than market expectations. The economy shrunk 0.7% on a yearly basis. 

“Expenditure on GDP rose 0.9% in the March 2025 quarter, following a 0.6% rise in the December 2024 quarter," Stats NZ noted. "Expenditure on GDP fell 0.9% over the year ended March 2025 compared with the year ended March 2024.”

Reserve Bank of New Zealand Chief Economist Paul Conway told MNI in May following the board’s split decision to lower the official cash rate 25bp to 3.25% that uncertainty over the outlook for inflation will continue. (See MNI INTERVIEW: RBNZ's Uncertainty To Persist-Chief Economist)