Economic growth data for the final quarter of 2017:

And, follow up post:

Major points to note

Lower dairy production (hot weather weighed on dairy production)

Consumer spending higher (Household spending +1.3 %)

Business investment pick up (+2.1%)

Stats NZ comment:

  • Hot, dry weather appeared to have a negative impact this quarter on agriculture production
  • Falling milk production was reflected in lower dairy manufacturing and dairy exports

Bank responses coming in, quickies (more to come )

Via ASB:

  • NZ Q4 GDP just a touch below expectations
  • Weather knocked agriculture back more than expected, down 3.2%
  • But services sectors grew strongly
  • Consumers rushed to the shops
  • Good underlying momentum to carry into 2018

Not quite so happy, WestpacNZ:

  • NZ GDP ... below market forecasts
  • In line with WPAC view
  • Nothing in the details to suggest it will accelerate next quarter
  • Dairy still having a slow season
  • Building industry facing capacity constraints