Nicola Willis: Finance Minister on the GDP dropping 0.9%, a new Reserve Bank Governor
Finance Minister Nicola Willis says a new Reserve Bank Governor will be announced “very shortly” as she comes under growing pressure to tackle New Zealand’s economic woes.
Economists are calling on the Reserve Bank to cut the Official Cash Rate more aggressively after yesterday’s shock GDP result.
New Zealand’s gross domestic product (GDP) fell by 0.9% in the June quarter, a reduction well over market expectations.
Expectations were for a 0.4% decline in GDP, while Reserve Bank forecasts were for a 0.3% drop.
The worse-than-expected outcome could mean the Reserve…
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