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14 May 2015
Exceptionally strong NZ retail spending in Q1 - ANZ
FXStreet (Bali) - Philip Borkin, Senior Economist at ANZ, notes that NZ retail spending volumes were exceptionally strong in Q1.
Key Quotes
"Retail spending volumes were exceptionally strong in Q1, although this in part reflects greater than expected retail price deflation. Annual nominal spending growth is still broadly consistent with household income growth."
"Nevertheless, it is clear that support from petrol price falls, a solid labour market and the boost from the tourism sector have all proved to be a boon for retail spending to start the year. The retail sector will make a strong contribution to Q1 GDP growth."
Key Quotes
"Retail spending volumes were exceptionally strong in Q1, although this in part reflects greater than expected retail price deflation. Annual nominal spending growth is still broadly consistent with household income growth."
"Nevertheless, it is clear that support from petrol price falls, a solid labour market and the boost from the tourism sector have all proved to be a boon for retail spending to start the year. The retail sector will make a strong contribution to Q1 GDP growth."