New Zealand’s Economic Growth Rate Held at 5-Year Low in 1Q

The transcript discusses the recent GDP growth, which was revised from 2.3% to 2.5%, indicating reasonable growth but still at a five-year low. The construction sector showed strength, while services were weak due to lower tourist spending and a sluggish housing market. Analysts express concerns despite the solid top-line number. The discussion shifts to monetary policy, with expectations of no change in the upcoming decision, but a strong likelihood of a rate cut in August or November.

What factors contributed to the soft growth in household spending?

What are the chances of a rate cut in August according to the economists?