Macro - Country Economic Forecasts - New Zealand
We have downgraded our 2023 GDP growth forecast for New Zealand by 1.7ppts to 0.3% y/y as large revisions to GDP and weaker than expected activity in Q3 paint a sour picture. The headwinds to households are approaching their peak, so we think the declines in GDP per capita should ease in the months ahead. Still, the weaker starting point means we now only expect GDP growth of 1.5% in 2024.
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