Latest news with #StatisticsNewZealand
Bloomberg
2 days ago
- Business
- Bloomberg
New Zealand Export Values Drop In Another Sign of Weak Economy
New Zealand posted its first quarterly decline in exports in almost two years, adding to signs that the momentum apparent in the economy at the start of the year has faded. The value of exports fell 3.7% in the second quarter after a 10.6% surge in the three months through March, Statistics New Zealand said Tuesday in Wellington. It's the first drop since the third quarter of 2023.
Reuters
3 days ago
- Business
- Reuters
New Zealand annual inflation quickens but below economists' forecast
WELLINGTON, July 21 (Reuters) - New Zealand's annual consumer inflation accelerated in the second quarter but was below economists' forecasts, leading markets to narrow the odds on a rate cut next month given weakness in the broader economy. Annual inflation came in at 2.7% in the second quarter, its highest level in a year, and speeding up from the 2.5% rate in the first quarter, Statistics New Zealand said in a statement on Monday. However, economists had forecast inflation at 2.8%. The statistics agency attributed the uptick to an increase in local government taxes and housing rental prices. On a quarter-on-quarter basis, the consumer price index rose 0.5%, compared with a 0.9% increase in the first quarter. Economists in a Reuters poll had forecast a 0.6% rise for the quarter. The New Zealand dollar dipped 0.3% to $0.5941 following the data release. Markets are now pricing in a 75% chance that the central bank will cut by 25 basis points in August, up from a 61% chance ahead of the data. The Reserve Bank of New Zealand, which in May forecast annual inflation for the quarter at 2.6%, held interest rates steady at this month's policy meeting partly due to near-term price risks. It was the first pause in the RBNZ's easing cycle that began in August 2024, a period in which it slashed rates by 225 basis points to 3.25%. The uncertainty around U.S. President Donald Trump's tariff policies and the impact on global growth and prices have kept most policymakers, including the RBNZ, on edge. New Zealand's annual inflation is nudging nearer to the upper end of the central bank's 1% to 3% target band. But economists say that with medium-term inflation expected to remain contained and considerable spare capacity in the economy, a rate cut in August remains likely. ASB Bank senior economist Mark Smith said ASB's core judgment is that the RBNZ will accommodate or look through the tick up in near-term inflation as the weakening global outlook and the large margin of spare capacity imply a lower medium-term inflation outlook. 'After earlier tapping the monetary policy brakes, the RBNZ is expected to press the accelerator and actively provide policy support," Smith said in a note. Annual non-tradeable inflation rose 3.7% in the second quarter, its lowest level since the second quarter of 2021, according to Statistics New Zealand.
Bloomberg
3 days ago
- Business
- Bloomberg
New Zealand Inflation Accelerates Less Than Forecast to 2.7%
New Zealand inflation accelerated less than economists forecast in the second quarter, even as it pushed toward the top of the Reserve Bank's 1-3% target band. The Consumers Price Index climbed 2.7% from a year earlier, quickening from 2.5% in the first quarter, Statistics New Zealand said Monday in Wellington. Economists expected 2.8%. Prices advanced 0.5% from the first three months of the year, less than the 0.6% estimate.
Business Times
3 days ago
- Business
- Business Times
New Zealand Q2 CPI rises 0.5% on quarter
[WELLINGTON] New Zealand's annual inflation accelerated in the second quarter but came in below economists' forecasts, official data showed on Monday. The consumer price index (CPI) rose 0.5 per cent in the second quarter from the prior quarter and was up an annual 2.7 per cent, Statistics New Zealand said. Economists polled by Reuters had expected consumer prices to have risen 0.6 per cent quarter-on-quarter and 2.8 per cent year-on-year. The Reserve Bank of New Zealand targets annual inflation in the range of 1 per cent to 3 per cent over the medium term. REUTERS
Straits Times
14-07-2025
- Business
- Straits Times
New Zealand spending slowdown adds to signs of cooling economy
Sign up now: Get ST's newsletters delivered to your inbox Sluggish consumer spending mirrors recent data showing the services and manufacturing industries remained in contraction in the month of June. New Zealand retail card spending fell in the second quarter, adding to signs that an initial spurt of economic growth early this year has all but disappeared. Purchases on debit and credit cards at retail stores fell 0.7 per cent from the first quarter, when it was unchanged, Statistics New Zealand said July 14 in Wellington. The value of spending is lower than in the year-earlier quarter when the economy was entering a deep depression. Sluggish consumer spending mirrors recent data showing the services and manufacturing industries remained in contraction in the month of June. The slowdown in domestic demand suggests gross domestic product barely expanded in the second quarter after 0.8 per cent growth in the three months through March. Sentiment is being challenged by a soft housing market, rising unemployment and a high cost of living. While home-loan interest rates are falling, many borrowers on fixed-terms are yet to get the full benefit until their mortgages roll over later this year, and are watching their budgets closely. July 14's report showed spending on discretionary items such as hospitality, apparel, motor vehicles and durable goods such as appliances fell in the quarter. Purchases of consumable items such as groceries gained. Household confidence may also be dented by the Reserve Bank's decision last week to keep the Official Cash Rate unchanged at 3.25 per cent, although policymakers did signal further cuts are expected. At the same time, business confidence has been buffeted by uncertainty over US tariff policies and their impact on global economic growth. Top stories Swipe. Select. Stay informed. Business Singapore's economy continues to expand in Q2 despite US tariff uncertainty: Advance estimate Singapore What's in a name? Local author traces the evolution of Singaporean Chinese names Business From wellness zone to neurodivergent room: How companies are creating inviting, inclusive offices Singapore Govt will continue to support families, including growing group of seniors: PM Wong at PCF Family Day Singapore Swift action needed to stop vaping's slide from health risk to drug epidemic Singapore Art by Pathlight students to be displayed along Singapore River Opinion Hong Kong's past is disappearing, one icon at a time Sport Jannik Sinner dethrones Carlos Alcaraz to capture maiden Wimbledon crown Earlier July 14, Business New Zealand and Bank of New Zealand reported that the services industry contracted for a fifth straight month while the organizations last week said manufacturing had shrunk for a second consecutive month. 'The time line for New Zealand's long-awaited economic recovery just keeps getting pushed further and further out,' said Mr Doug Steel, senior economist at BNZ in Wellington. He expects GDP contracted in the second quarter. BLOOMBERG
