The IMF Country Reports Series covers economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
This 2004 Article IV Consultation highlights that economic growth in New Zealand slowed in early 2003 but rebounded in the latter part of the year. Real GDP growth declined from 41/4 percent in 2002 to a seasonally adjusted annualized rate of 2¾ percent in the first half of 2003, amid heightened international geopolitical tensions, concerns about SARS, and declines in farm output and hydroelectric generation related to a drought. The New Zealand dollar appreciated substantially during 2002 and 2003, but has depreciated somewhat since reaching a seven-year high in mid-February 2004.