Japanese GDP is weak, but Thailand’s economic growth beat forecasts. New Zealand’s housing market is soft. And the Reserve Bank of New Zealand (RBNZ) is expected to hold its official cash rate tomorrow.
In part two of our deep-dive interview, ANZ’s Chief Economist for Greater China, Raymond Yeung, talks about China’s exports, jobs, and the AI boom.
5 things to know in 5 minutes:
Japan’s economy grew just 0.2% on an annualised basis in the December quarter, well below forecasts for growth of around 1.6%. ANZ Economist Bansi Madhavani says consumption’s rise of 0.1% was a key factor, with households struggling to cope with inflation.
New Zealand house prices fell 0.2% in January from December and sales volumes fell 5.4% in the month on a seasonally adjusted basis. ANZ New Zealand Chief Economist Sharon Zollner says a rise in mortgage rates is a factor.
The Reserve Bank of New Zealand (RBNZ) is set to make its first rates decision of the year tomorrow. Sharon expects the bank to hold.
Thailand’s economy grew 2.5% in the December quarter from a year ago, which was almost double market forecasts, and powered by a 3.3% rise in consumption and an 8.1% rise in investment. ANZ Economist Kausani Basak says the growth momentum is unlikely to continue in the current March quarter.
New Zealand’s services sector expanded again in January, although by less than in December, according to the BusinessNZ-BNZ Peformance of Services Index survey. ANZ Senior Economist Matt Galt says the services sector expansion isn’t brisk, but better than last year.
Cheers,
Bernard.
PS: Catch you tomorrow with details from the RBA’s last board meeting minutes, due later today.
