19 Jun 2015
OCR could be 2.5% by year end - Westpac
FXStreet (Mumbai) - Westpac chief economist Dominick Stephens said on Friday that he believes the NZ Official Cash Rate (OCR) will likely be at either 2.5% or 2.75% by the end of the year, following Thursday's first-quarter GDP data.
Stephens noted, "This weak GDP data comes on top of major downgrades to the outlook for the dairy and forestry sector, cracks appearing in the state of business confidence and consumer expenditure, and the RBNZ revealing that its much more focused on the external part of the economy than on the housing market."
Stephens noted, "This weak GDP data comes on top of major downgrades to the outlook for the dairy and forestry sector, cracks appearing in the state of business confidence and consumer expenditure, and the RBNZ revealing that its much more focused on the external part of the economy than on the housing market."