The RBNZ won't be spooked by the strong 2Q GDP

The economy is resilient but will it last? (Image: Getty)

Fri, 22 Sep 2023

Not everyone agrees that New Zealand’s strong economic growth in the June quarter will mean another rate hike. The economy grew 0.9% in the second quarter, keeping the country out of recession and exceeding expectations. Gross domestic product rose 3.2% in the year ended June 2023. A raft of economists immediately concluded that the Reserve Bank of NZ (RBNZ) would have to lift the official cash rate (OCR) beyond the current 5.5% to ensure that inflation is eventually tamed.Several said the October meeting is now “live&rdqu...

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