Gordon said as a bellwether for the economy, retail spending (excluding hospitality) was about flat for the quarter. "Notwithstanding this short-term outlook, we expect GDP growth for 2022 as a whole to be substantially softer than the 5.6% rise over 2021. But at the same time, the GDP data are still very noisy. Chances are we see some soft signals in the Q1 GDP release, only to see some reversal of that in Q2." In terms of the details in the March GDP figures, Workman says the 'partial' Q1 GDP indicators have been mixed.

Source: New Zealand Herald June 13, 2022 02:50 UTC