New Zealand GDP for Q2 2021 +2.8% q/q (expected 1.4%)

New Zealand data, April to June 2021 economic growth

GDP (sa) 2.8% q/q .... beat!

• expected 1.4%, prior 1.4%

GDP 17.4% y/y

• expected 16.3%, prior 2.4%

The beat confirms the strength of the New Zealand economy heading into Q3 and all but locks in a Reserve Bank of New Zealand rate hike, with more to follow. Nextr RBNZ meeting is 6 October

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Background to this:

• Data from New Zealand due today could cement the need for the RBNZ cash rate to head a lot higher