New Zealand: Staff Report for the 2004 Article IV Consultation
Volume/Issue:
Volume 2004
Issue 128
Publication date: May 2004
ISBN: 9781451830279
$20.00
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Topics covered in this book
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Business and Economics , Exports and Imports , Inflation , Money and Monetary Policy , Public Finance , ISCR , CR , GDP , New Zealand dollar , monetary policy , fiscal policy framework , price index , labor market , financial system , current account , Exchange rates , Inflation , Global
Summary
This 2004 Article IV Consultation highlights that economic growth in New Zealand slowed in early 2003 but rebounded in the latter part of the year. Real GDP growth declined from 4¼ percent in 2002 to a seasonally adjusted annualized rate of 2¾ percent in the first half of 2003, amid heightened international geopolitical tensions, concerns about SARS, and declines in farm output and hydroelectric generation related to a drought. The New Zealand dollar appreciated substantially during 2002 and 2003, but has depreciated somewhat since reaching a seven-year high in mid-February 2004.
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