It would take a sharp slowdown in both house sales and retail sales for the RBNZ to show some mercy.
Shamubeel Eaqub
It's a whopper. The very large and worrying deficit reflects the imbalances facing the New Zealand economy.
economy worrying
It's a whopper. It's 8 percent (of gross domestic product) on my numbers and definitely bigger than what I had expected.
numbers gross
mercy sales house
Household confidence is very weak, suggesting household spending is vulnerable. We expect spreading weakness in retail spending as the year progresses.
weakness confidence vulnerable weak
The economy will slow more quickly than the Reserve Bank assumes.
economy
We expect weak household consumption, business investment and inventory run down to result in a negative headline number.
business negative run weak result investment consumption
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