NEW ZEALAND: Strong Q1 Manufacturing Growth, RBNZ Forecasting 1% q/q Q1 GDP
Jun-08 23:49
There was a strong rise in Q1 manufacturing volumes, which with a solid rise in real retail sales and export volumes in the quarter should support GDP growth which is released 18 June. The RBNZ has a 1% q/q Q1 increase in its May forecasts as most of the quarter occurred before the onset of the Iran War. It is likely to be felt in Q2 though with the RBNZ expecting growth to be flat on the quarter.
- Manufacturing volumes rose 3.6% q/q after falling 0.4% q/q in Q4. The volume of inventories in the sector increased 3.0% q/q.
- Total business sales values rose 5.3% y/y in Q1 with 11 of the 14 sectors posting rises but manufacturing (+2.8% q/q & 3.9% y/y), retail & accommodation (+2.2% & 5.9%) and wholesale trade (+3.8% & 8.8%) drove the improvement. Profits were up 11% y/y while salaries and wages increased 2.9% y/y.
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