New Zealand economy contracts in Q2, door open for more rate cuts
New Zealand's economy shrank in the second quarter, with declines in several major industries, which suggests the central bank may proceed with further rate cuts this year.
New Zealand economy contracts in Q2, door open for more rate cuts
New Zealand's economy shrank in the second quarter, with declines in several major industries, which suggests the central bank may proceed with further rate cuts this year.
The Reserve Bank of New Zealand (RBNZ) has reduced its benchmark interest rate for the first time since March 2020 and indicated that further cuts may be forthcoming in the months ahead.
Unemployment rises less than forecast in New Zealand in Q2
The jobless rate in New Zealand increased less than forecast in Q2 as the country’s economy unexpectedly increased its workforce even though the outlook was less optimistic.
The Reserve Bank of New Zealand (RBNZ) held the cash rate steady at 5.5% on Wednesday, but indicated a potential easing of monetary policy over time if inflation decelerates as anticipated.
New Zealand house prices fall in June for third straight month
House prices in New Zealand declined for the third consecutive month in June, facing pressure from high interest rates that are prompting buyers to stay on the sidelines.
Treasury seeks more spending cuts and revenue hikes in weak economy
Secretary Caralee McLiesh says the Treasury Department of New Zealand is investigating additional measures to lower government spending and raise revenue despite ongoing declines in tax receipts due to the sluggish economy.
Inflation progress is being made, says RBNZ chief economist
Chief economist at the Reserve Bank of New Zealand (RBNZ), Paul Conway has said that significant progress is being made to return inflation to its target.
The Reserve Bank of New Zealand (RBNZ) has reduced its benchmark interest rate for the first time since March 2020 and indicated that further cuts may be forthcoming in the months ahead.
Unemployment rises less than forecast in New Zealand in Q2
The jobless rate in New Zealand increased less than forecast in Q2 as the country’s economy unexpectedly increased its workforce even though the outlook was less optimistic.
The Reserve Bank of New Zealand (RBNZ) held the cash rate steady at 5.5% on Wednesday, but indicated a potential easing of monetary policy over time if inflation decelerates as anticipated.
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