{
  "title": "New Zealand: 2017 Article IV Consultation- Press Release; Staff Report; and Statement by the Executive Director for New Zealand",
  "publication": "IMF Staff Country Reports, May 8, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/05/08/new-zealand-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44891",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2017/05/08/new-zealand-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44891",
  "overlayPath": "/en/publications/cr/issues/2017/05/08/new-zealand-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44891/index.md",
  "summary": "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.",
  "publishDate": "2017-05-08",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Key findings and recent developments",
      "content": "- GDP growth accelerated to 4 percent.\n- The output gap has roughly closed.\n- The expansion since early 2011 gained further broad-based momentum in 2016.\n- Important catalysts and supports for the expansion:\n  - Reconstruction spending after the 2011 Canterbury earthquake.\n  - Accommodative monetary policy.\n  - A net migration wave.\n  - Improving services exports.\n  - Strong terms of trade.\n- There was some weakening of momentum in the fourth quarter of 2016 owing to:\n  - Softer private consumption.\n  - A sharp drop in exports.\n- The fourth-quarter weakness is assessed as temporary."
    },
    {
      "heading": "Outlook and projections",
      "content": "- Growth should rebound and then moderate toward trend in the medium term, in particular as net migration normalizes."
    },
    {
      "heading": "Thematic coverage (subjects and keywords)",
      "content": "- Subjects:\n  - Banking\n  - Housing\n  - Housing prices\n  - Income\n  - Inflation\n  - Migration\n  - National accounts\n  - Population and demographics\n  - Prices\n- Keywords:\n  - article IV consultation report\n  - consultation cycle\n  - CR\n  - credit growth\n  - economic expansion\n  - exchange\n  - exchange arrangement\n  - Global\n  - government\n  - house price inflation\n  - Housing\n  - Housing prices\n  - Income\n  - Inflation\n  - ISCR\n  - liability positions vis-à-vis nonresident\n  - Migration\n  - money market rate\n  - net migration wave\n  - RBNZ\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/05/08/new-zealand-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44891"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2017/05/08/new-zealand-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44891/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2017/05/08/new-zealand-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44891/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2017/05/08/new-zealand-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44891/bundle-manifest.json)",
    "Published: May 8, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475599091.002",
    "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:",
    "There was some weakening of momentum in the fourth quarter of 2016 owing to:",
    "The fourth-quarter weakness is assessed as temporary.",
    "Growth should rebound and then moderate toward trend in the medium term, in particular as net migration normalizes.",
    "Subjects:",
    "Keywords:",
    "**Country Report**"
  ],
  "related": [
    {
      "title": "Country Report",
      "role": "report",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/cr/2017/cr17111.pdf",
      "summary": {
        "path": "/-/media/files/publications/cr/2017/cr17111.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/cr/2017/cr17111.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2017/05/08/new-zealand-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44891/index.md",
    "json": "/en/publications/cr/issues/2017/05/08/new-zealand-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44891/index.json",
    "bundleManifest": "/en/publications/cr/issues/2017/05/08/new-zealand-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44891/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-23T11:01:11.500Z"
}