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NZIER Consensus Forecasts point to a slowing in growth over the coming years
The latest NZIER Consensus Forecasts show a downward revision to economic growth for the year to March 2023, followed by a slowing in growth over the subsequent years. Annual average GDP growth is forecast to slow to 0.6 percent in the year to March 2024 before picking up to 1.4 percent in 2025. Although demand in the New Zealand economy remained resilient for most of 2022, recent developments point to signs of a softening in demand and an easing in capacity pressures. A general slowing in activity is expected over the coming years as the full effects of increases in the Reserve Bank’s Official Cash Rate (OCR) pass ... (full story)