We were amazed at this morning’s NZ Balance of Payments figures – amazed that they were so very close to expectations. And not just overall, relative to market polls, but in the finer details too, as far as we were concerned. Of the minor surprises there were, they tended to reinforce upside risk to tomorrow’s Q1 GDP result. There was also, to be sure, a lot of positives to be taken from the International Investment Position data also published this morning by Statistics New Zealand. New Zealand’s balance sheet with the rest of the world has improved dramatically over the last 5 years or so.
Read the full report: Economic Research