Not unexpected at least by this punter but quite an ugly number when you consider what inflation is running at.
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those gdp figures are real not nominal - ie they are inflation adjusted
real GDP per capita for the september quarter (3 months) down 0.9% from june - annualised rate -3.7%. Down 4% on the same quarter last year. Source, tab 21 of the releases excel file.
Rolling 12 month real gdp per capita doesn't to september doesnt look as bad - down 0.9% - vs the same period last year (tab 22). still awful.
I’ve no clue…besides with things like this have to be careful not to confuse what ought to happen with what Orr will make happen
Stagflation the issue du jour, w core inflation still sticky. I’m hopeful that’ll come under control at some point.
What i feel ought to happen is no more hikes and cuts earlier than what the rbnz has suggested. What Orr will actually do I’d be loathe to speculate.
Makes for sober reading given the revisions by Stats NZ to the GDP figures for the last four quarters
https://www.interest.co.nz/economy/1...onomy-buckling