Central Banks
RBNZ Is Assessing ‘Surprisingly Subdued’ GDP Data, Orr Says
- Governor appears before parliamentary select committee
- Says RBNZ is also surprised by extremely high immigration
Adrian Orr
Photographer: Mark Graham/BloombergThis article is for subscribers only.
New Zealand’s central bank was surprised by data last week showing the economy shrank, but has no opinion yet on what it means for the interest rate outlook, according to Governor Adrian Orr.
The unexpected 0.3% contraction in third-quarter gross domestic product compared to the Reserve Bank’s forecast of 0.3% growth, while revisions showed the economy had been much weaker over the preceding year.