ASB and BNZ have raised their projections for third quarter economic growth in NZ
ASB forecast
- 0.7% from 0.5%
Citing
- manufacturing volumes excluding meat/dairy +0.8% q/q, which points to ex-primary GDP manufacturing production rises
- weak readings on the PMI and business opinion surveys are contradicted by actual partial indicators
BNZ
- forecast to 0.5% from 0.3%
- manufacturing report showed a build-up in inventory, thus underlying production "was actually pretty good"
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RBNZ's latest Q3 forecast is for 0.3%
