Economics & Markets

New Zealand Insights - December 2019

By Bevan Graham
Managing Director and Chief Economist, AMP Capital New Zealand New Zealand

Key points

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Growth to get a boost next year

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Labour market remains tight

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Inflation nudging higher

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Monetary policy on hold

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Fiscal policy set to become more stimulatory

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External accounts still in good shape

The slowdown in growth over 2019 has proven to be both longer and deeper than we expected at the start of the year. Global factors were mostly to blame as ongoing trade wars sapped confidence and delayed investment and hiring.

Next year should see modestly higher growth off the back of accommodative monetary conditions, fiscal expansion, an improvement in global growth and stabilisation/recovery in business confidence. However, capacity constraints will continue to persist, capping any significant resurgence in growth.

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Bevan Graham, NZ Managing Director & Chief Economist
  • Economics & Markets
  • New Zealand Insights

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Important notes

This article has been prepared to provide general information and does not constitute 'financial advice' for the purposes of the Financial Advisors Act 2008 (Act). An individual investor should, before making any investment decisions, consider the information available in the relevant Product Disclosure Statement and seek professional advice. While every care has been taken in the preparation of this document, AMP Capital Investors (New Zealand) Limited and the AMP Group (together, 'AMP') make no guarantee that the information supplied is accurate, complete or timely and do not make any warranties or representations in respect of results gained from its use. The information is not intended to infer that current or past returns are indicative of future returns. The views expressed are those of the author and do not necessarily reflect those of AMP. These views are subject to change depending on market conditions and other factors.

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