NEW ZEALAND GDP SURPRISES TO THE DOWNSIDE, SHALLOW RECOVERY TO -0.1% FROM -0.3%

New Zealand's Gross Domestic Product (GDP) contracted another -0.1% in the fourth quarter, recovering from the previous quarter's -0.3% but missing the median market forecast of an increase of 0.1%. 

Annualized YoY GDP in Q4 also missed the mark, coming in at -0.3%. Annualized quarterly GDP bounced from the previous print of -0.6%, but failed to hit the market's forecast 0.1%.

According to national accounts industry and production senior manager Ruvani Ratnayake, "Wholesale trade was the largest downwards driver this quarter, led by falls in grocery and liquor wholesaling; and machinery and equipment wholesaling."

Ruvani Ratnayake continued, "Increased activity associated with the NZ General Election contributed to growth in public administration, safety, and defence