NZ: Q3 GDP rose by 1.1%/qtr - TDS

New Zealand’s Q3 GDP rose by 1.1%/qtr, beating the market’s +0.8%/qtr f/c (and closer to TD f/c of +1.0%) notes research team at TDS.

Key Quotes

“This follows a downwardly-revised 0.7%/qtr gain in Q2, leaving GDP at +3.5% for the year, slightly below expectations (mkt: +3.6%). This quarter’s rise points to broad-based growth, with 13 of 16 industries reporting higher output. Household spending continued its strong growth, increasing 1.6%/qtr, following a 2.0% increase in Q2. The current account deficit was a touch better than expectations at –2.9% of GDP (vs mkt –3.0%).”