NZ economy grows at slowest pace since 2013

Infometrics estimates that the New Zealand economy expanded just 0.1% during the March quarter (seasonally adjusted). If GDP results released next week meet these expectations, the New Zealand economy would have grown at its slowest pace in three years. Lacklustre data from the Economic Survey of Manufacturing and the Wholesale Trade Survey earlier this week further supported estimates that economic growth cooled during the March quarter. However, we don’t think that economic growth will be slowing for very long. With building activity gaining momentum, we expect annual GDP growth to run back up to 2.8% by the end of the year.