News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
New Zealand Dollar Unimpressed by Upbeat GDP Data

New Zealand Dollar Unimpressed by Upbeat GDP Data

Varun Jaitly,

Talking Points:

  • Quarter-over-quarter GDP grew 1.1%, better than expected
  • Year-over-year GDP grew 3.5%in the third quarter of 2016
  • Business services, manufacturing and households led growth

See what live coverage is scheduled for key event risk in the FX and capital markets on the DailyFX Webinar Calendar

The New Zealand Dollar spiked momentarily following the release of the country’s third quarter GDP data but it quickly returned to pre-event levels. Quarterly growth was upbeat at 1.1 percent, better than expectations for 0.7 percent. Year-over-year, GDP grew 3.5 percent, missing analyst expectations for 3.6 percent growth.

Growth over the reporting period was benefited by a 2 percent increase in business services and a 3.7 percent increase in transportation. Manufacturing and construction also saw strength, increasing by 1.2 and 2.1 percent respectively. The data released by New Zealand’s statistics agency noted that 13 of the 16 GDP industries saw growth over the reporting period.

Gross domestic expenditures also grew 1.4 percent, benefiting from a 1.6 percent increase in fixed asset investments such as real estate. Household consumption, which accounts for $150 billion of the $255 billion economy, increased by 1.6 percent. Imports increased 1.2 percent and were accompanied by a 0.7 percent decrease in exports.

New Zealand Dollar Unimpressed by Upbeat GDP Data

Chart created using TradingView

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES