AEIR 2021

GDP growth slowed to 0.6% in Q4 from 2.3% in Q3 of 2019 as changes in inventories subtracted 2.6 percentage points (ppts) from growth and fixed investment 0.1 ppt. Consumption contributed 2.4 ppts, most of it government consumption, and net exports 1.3 ppts. Domestic production will be constrained by international and domestic plans to limit the spread of COVID-19 and its severe impact on travel and trade, which affects both supply and demand. To mitigate its economic impact, the government announced a NZ$12.1 billion stimulus package that includes wage subsidies, additional welfare payments, and business tax breaks. More stimulus may be announced at the annual budget meeting in May.
Source: Asian Development Outlook 2020, ADB
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 2.0 (Feb21)2.0 1.0
Broad Money Growth 2 6.4 (Jan17)6.4 6.4
Headline Inflation Rate 3 1.4 (Dec20)1.9
Industrial/ Manufacturing Production Growth Rate 3 1.8 (Dec17)0.8
Merchandise Export Growth 3 -2.3 (Jan21)-2.3 5.3
Exchange Rate Index 4 105.3 (Feb21)105.3 104.6
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database.

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