FXStreet reports that Satish Ranchhod, Senior Economist at Westpac, offered his afterthoughts on New Zealand’s Retail Sales data.

“Retail spending rose by 2.7% in the March quarter. That followed a similar-sized fall in December. Today's result was stronger than our forecast for a 0.7% increase, and well above the median analyst forecast for a 1.8% decline in spending. This indicates upside risk for March quarter GDP growth.”

“Retail spending has been resilient since the economy exited lockdown. We expect spending will continue to firm over the coming months. However, compared to pre-Covid trends, spending growth is likely to be constrained by the continued lack of international tourists and the slowdown in population growth.”