NZ: Economy transitioning in terms of its growth drivers - ANZ

The New Zealand economy is transitioning in terms of its growth drivers and erstwhile drivers (net migration, construction, tourism and housing) are all showing signs of peaking (or have peaked already), according to the analysis team at ANZ.

Key Quotes

“However, the record-high terms of trade, fiscal impulse and buoyant household income growth will fill the void. More onus will fall on productivity growth to lift too. Building consent data this week will likely remain capped, while our Business Outlook will provide its usual timely update on activity momentum. Overseas trade index figures should show the terms of trade reaching new all-time highs.”