The Gross Domestic Product (GDP), released by Statistics New Zealand has been released as follows and is better than expected:

New Zealand GDP Q3

 +2.0% QoQ vs. expected +0.9%, prior +1.7%.

+6.4% YoY vs. expected +5.5%, prior +0.4%.

NZD/USD is unchanged at 0.6457.

More to come...

About NZ GDP

The Gross Domestic Product (GDP), released by Statistics New Zealand, highlights the overall economic performance on a quarterly basis. The gauge has a significant influence on the Reserve Bank of New Zealand’s (RBNZ) monetary policy decision, in turn affecting the New Zealand dollar. A rise in the GDP rate signifies improvement in the economic conditions, which calls for tighter monetary policy, while a drop suggests deterioration in the activity. An above-forecast GDP reading is seen as NZD bullish