Westpac New Zealand Economic and Sustainability Strategy Update
The New Zealand economy
GDP components
Annual average % change
2019A
2020A
2021F
2022F
75
GDP (production)
2.4
-2.9
4.2
4.4
GDP (Real, quarterly $bn)
Westpac forecasts
75
75
Economic indicators
Annual % change
70
2019A
2020A
2021F
2022F
70
70
Consumer price index
1.9
1.4
2.4
1.4
65
Unemployment rate
4.1
4.9
4.5
4.1
555
65
House price index
4.6
17.5
8.1
-3.0
60
Financial forecasts
End of year
Pre-Covid trend (based on
February 2020 forecasts)
Current forecasts
60
2019A
2020A
2021F
2022F
55
55
T
55
NZD/USD
0.64
0.69
0.74
0.76
2018
Source: Statistics NZ, Westpac Economics
2019
2020
2021
2022
2023
2024
CO
2
LO
Unemployment rate
do 00
%
Pre-Covid forecast
Current forecast
4
%
8
Westpac
forecasts
8
3
7
7
CO
5
LO
+
3
2
2006
2009
Source: Stats NZ, Westpac Economics
4
-
2012
Official Cash Rate (%)
Westpac
forecasts
3
2
2014
2016
2018
2020
2022
2024
Source: RBNZ, Westpac Economics
3
2
0
2012
2015
2018
2021
2010
1
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