New Zealand: 2017 Article IV Consultation- Press Release; Staff Report; and Statement by the Executive Director for New Zealand
IMF Staff Country Reports, May 8, 2017
Source details
- Canonical URL
- New Zealand: 2017 Article IV Consultation- Press Release; Staff Report; and Statement by the Executive Director for New Zealand
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Bibliographic details
- Published: May 8, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475599091.002
Key findings and recent developments
- GDP growth accelerated to 4 percent.
- The output gap has roughly closed.
- The expansion since early 2011 gained further broad-based momentum in 2016.
- Important catalysts and supports for the expansion:
- Reconstruction spending after the 2011 Canterbury earthquake.
- Accommodative monetary policy.
- A net migration wave.
- Improving services exports.
- Strong terms of trade.
- There was some weakening of momentum in the fourth quarter of 2016 owing to:
- Softer private consumption.
- A sharp drop in exports.
- The fourth-quarter weakness is assessed as temporary.
Outlook and projections
- Growth should rebound and then moderate toward trend in the medium term, in particular as net migration normalizes.
Thematic coverage (subjects and keywords)
- Subjects:
- Banking
- Housing
- Housing prices
- Income
- Inflation
- Migration
- National accounts
- Population and demographics
- Prices
- Keywords:
- article IV consultation report
- consultation cycle
- CR
- credit growth
- economic expansion
- exchange
- exchange arrangement
- Global
- government
- house price inflation
- Housing
- Housing prices
- Income
- Inflation
- ISCR
- liability positions vis-à-vis nonresident
- Migration
- money market rate
- net migration wave
- RBNZ
Content in this bundle
- Country Report