New Zealand: Staff Report for the 2014 Article IV Consultation

International Monetary Fund

No 2014/158, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2014 Article IV Consultation highlights that the economic expansion in New Zealand is becoming increasingly embedded and broad based, with growth exceeding 3 percent in the second half of 2013. The drivers include supportive financial conditions, record high export commodity prices, resurgent construction activity related to the Canterbury post-earthquake rebuild and general housing shortages, and a substantial increase in net immigration. Growth is expected to increase to about 3½ percent in 2014 and moderate to a trend rate of 2½ percent over the medium term. Strong construction activity is expected to remain an important driver for near-term growth.

Keywords: ISCR; CR; New Zealand dollar; headline inflation; rate; house price inflation; liability positions vis-à-vis nonresident; consumer confidence confidence indicator; exchange arrangement; bank financing; potential GDP; Terms of trade; Exchange rates; Housing prices; Inflation; Global (search for similar items in EconPapers)
Pages: 38
Date: 2014-06-09
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