While New Zealand’s dairy industry is facing a problematic period on prices, there is a lot else to keep the nation’s economic upswing strong. This includes bright spots in many non-dairy commodity sectors and the suddenly-lower currency. GDP growth is looking especially good given a booming construction industry and generally upbeat business sector, with flow-on for investment and jobs – things we expect tomorrow’s QSBO to affirm (along with increasing capacity pressures, albeit with inflation contained, for now). For more on our views on the QSBO, in context, see our research note of last week “QSBO, Commodities, Construction and the Currency.”
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