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Tuesday, 09 February 2010 GMT
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New Zealand Economy Shrank at Fastest Pace in 17 Years in 2008
Friday, 27 March 2009 02:14:26 GMT
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New Zealand’s Gross Domestic Product fell -0.9% in the fourth quarter, bringing the annual rate of decline to a 17-year high of -1.9% in the year through December 2008. Yesterday, the International Monetary Fund said they expect New Zealand’s economy to shrink about 2% through 2009, noting that “households are constrained by high debt levels, falling house and equity prices, and uncertain employment prospects.” Still, overnight index swaps suggest the market is pricing a limited scope to further interest rate cuts, calling for at most a 25 basis point cut in April and no net change in a year from now.
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