New Zealand: 2017 Article IV Consultation- Press Release; Staff Report; and Statement by the Executive Director for New Zealand

May 8, 2017

Preview Citation

Format: Chicago

New Zealand: 2017 Article IV Consultation- Press Release; Staff Report; and Statement by the Executive Director for New Zealand, (USA: International Monetary Fund, 2017) accessed November 21, 2024

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. 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.

Subject: 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

Publication Details

Pages:

73
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/111
Stock No:

1NZLEA2017002
ISBN:

9781475599091
ISSN:

1934-7685

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