New Zealand's Gross Domestic Product (GDP) contracted another -0.1% in the fourth quarter, recovering from the previous quarter's -0.3% but missing the median market forecast of an increase of 0.1%.
Annualized YoY GDP in Q4 also missed the mark, coming in at -0.3%. Annualized quarterly GDP bounced from the previous print of -0.6%, but failed to hit the market's forecast 0.1%.
According to national accounts industry and production senior manager Ruvani Ratnayake, "Wholesale trade was the largest downwards driver this quarter, led by falls in grocery and liquor wholesaling; and machinery and equipment wholesaling."
Ruvani Ratnayake continued, "Increased activity associated with the NZ General Election contributed to growth in public administration, safety, and defence
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