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New Zealand: 2017 Article IV Consultation- Press Release; Staff Report; and Statement by the Executive Director for New Zealand
Author:
International Monetary Fund. Asia and Pacific Dept
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2017: Issue 111
Language:
English
Publication Date:
08 May 2017
DOI:
https://doi.org/10.5089/9781475599091.002
ISBN:
9781475599091
ISSN:
1934-7685
Pages:
73
Keywords:
ISCR; CR; exchange arrangement; government; exchange; economic expansion; RBNZ; liability positions vis-à-vis nonresident; money market rate; net migration wave; article IV consultation report; credit growth; consultation cycle; house price inflation; Housing; Housing prices; Inflation; Income; Migration; Global
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This 2017 Article IV Consultation highlights New Zealand’s economic expansion, which since early 2011 gained further broad-based momentum in 2016. GDP growth accelerated to 4 percent, and the output gap has roughly closed. Reconstruction spending after the 2011 Canterbury earthquake was an important catalyst, but the expansion has also been supported by accommodative monetary policy, a net migration wave, improving services exports, and strong terms of trade. There was some weakening of momentum in the fourth quarter of 2016, owing to softer private consumption and a sharp drop in exports, but it is expected to be temporary. Growth should rebound and then moderate toward trend in the medium term, in particular as net migration normalizes.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund