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Dark clouds forming over New Zealand's economy

Dark clouds forming over New Zealand's economy

* RBNZ to embark on monetary easing cycle in 4Q

* Growth will slow as inflation remains above target

* GDP growth to slump to 1.4% in 2008 before recovering in 2009

Economic momentum in New Zealand will slow significantly in 2008, owing mainly to weaker private consumption growth and a contraction in residential construction. Our forecast calls for GDP growth to dive from 3.1% in 2007 to a subpar 1.4% in 2008, with a contraction in economic growth anticipated for 2Q. The RBNZ probably will delay easing monetary policy until October; RBNZ officials will be searching for evidence of whether the recent weakness in employment and consumer spending will be sustained.

See... NZ_economic_outlookads.pdf

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