NZ data - Q4 GDP +3.0% q/q (vs. expected 3.2%)

GDP (sa) 3.0% q/q

• expected 3.2%, prior -3.7%

GDP 3.1% y/y

• expected 3.3%, prior -0.3%

A good bounce back for the NZ economy in these (old) numbers.

Capacity constraints (labour and supply chain-related) along with rising prices will be a negative for growth going forward but these will not stop further RBNZ rate hikes.