New Zealand Q3 GDP comes in much better than expected

New Zealand GDP for Q3:

+2.0% q/q

• expected +0.9%, prior +1.7%

+6.4% y/y

• expected +5.5%, prior +0.4%

Yesterday NZ Treasury forecast a recession for New Zealand beginning in Q2 next year:

• New Zealand Treasury forecasts 3 quarters of a shrinking economy ahead

If so then Q1 2023 will have to be ugly indeed.