Market forecasts had expected an insignificant level of growth in the south Pacific economy of New Zealand. The slightly-less-than-insignificant findings may bode well for the island economy.
While true that both expected and actual figures show very minor growth in New Zealand’s gross domestic product (GDP), the news that growth was beyond expectations should give a much-needed bump to the value of the New Zealand dollar (NZD) over the next several days.
Giving additional weight to New Zealand’s recent GDP growth was a house price index (HPI) report from the Real Estate Institute of New Zealand (REINZ) which showed the monthly change in home values move up 1.3% from last month’s decline of 1.8%.
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