## New Zealand: 2013 Article IV Consultation

_IMF Staff Country Reports, May 14, 2013_

## Source details

**Canonical URL:** [New Zealand: 2013 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/new-zealand-2013-article-iv-consultation-40533)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/new-zealand-2013-article-iv-consultation-40533/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/new-zealand-2013-article-iv-consultation-40533/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/new-zealand-2013-article-iv-consultation-40533/bundle-manifest.json)

## Bibliographic details
- Published: May 14, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484308837.002

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### Macroeconomic performance and near-term outlook
- New Zealand’s economy continued to grow at a moderate rate.
- Growth partly reflected the effects of the recent drought and inflation.
- Macroeconomic policy has been framed to absorb adverse shocks, with flexible exchange rates to serve as buffer.

### Fiscal stance and public debt
- The planned pace of deficit reduction is balanced between sustaining aggregate demand and limiting public debt growth.

### Financial sector resilience
- Recent stress tests showed that major banks could withstand a sizable shock to:
  - output,
  - terms of trade,
  - rising unemployment,
  - a fall in property prices.

### Policy implications and emphasis
- Use of flexible exchange rates as a shock absorber is central to macro policy.
- Fiscal consolidation strategy aims to strike a balance between demand support and debt containment.

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## Content in this bundle

- **_cr13117 — Risk Assessment Matrix and Key Findings**
  - [_cr13117 — Risk Assessment Matrix and Key Findings (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13117.pdf.md){rel="alternate" type="text/markdown"}
  - [_cr13117 — Risk Assessment Matrix and Key Findings (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13117.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/new-zealand-2013-article-iv-consultation-40533_