We have lowered our 2025 GDP growth forecast for New Zealand by 0.8ppts to 1.2% as recent data revisions indicate GDP came into 2025 with less momentum than we had previously anticipated. Even so, we still expect the quarterly pace of growth to pick up through this year as the headwinds weighing on the economy continue to fade. The Reserve Bank of New Zealand has lowered the cash rate by a total of 175bps, which will continue to support growth this year.
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