<p>New Zealand Finance Minister Grant Robertson comments, says that despite the GDP data the economy in NZ remains resilient. </p><p>The data, ICYMI, showed the economy shrunk in Q4 of 2022:</p><ul><li> <p><a href="https://ift.tt/7tndZ6S" rel="follow" target="_self" class="article-link vertical-align-baseline">New Zealand GDP for Q4 2022 (sa) -0.6% q/q (expected -0.2%)</a></p></li><li><p>N<a href="https://ift.tt/yiwGA8D" rel="follow" target="_self" class="article-link vertical-align-baseline">ZD marked lower on the worse than expected economic contraction data from New Zealand</a></p> </li></ul><ul><li><a href="https://ift.tt/I2Us8pw" rel="follow" target="_self" class="article-link">Analysts at ASB in New Zealand trim expectations for Reserve Bank of New Zealand rate hike</a></li></ul><p> ---</p><p>On the data, Q3 was revised to 1.7% q/q from 2.0%.</p><ul><li>Q4 came in at -0.6%, much worse than the -0.2% consensus expected and miles from the Reserve Bank of New Zealand forecast of +0.7!</li><li>consumption was flat</li><li>investment dropped</li></ul><p>As you see above, expectations for the RBNZ April 5 meeting are being scaled back to a 0.25bp rate hike. If banking system ructions its not a stretch to think the Reserve Bank of New Zealand will pause in April. </p> This article was written by Eamonn Sheridan at www.forexlive.com.

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