ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Economy

New Zealand economy grows strongly in Q3 but recession clouds loom

Central bank expected to crank up rates in fight against 3-decade-high inflation

Sunbathers enjoy the sand at Oriental Bay in downtown Wellington, New Zealand. Tourism, construction and transport led third-quarter growth. (Sipa via AP Images)   © AP

WELLINGTON (Reuters) -- New Zealand's economy saw surprisingly strong growth in the third quarter, fueling expectations the central bank will continue its aggressive rate hiking cycle as it tries to get inflation at three-decade highs under control.

While growth in the quarter was broad-based with tourism, construction and transport leading the way, signs of an impending slowdown caused by high interest rates and falling housing prices are starting to appear.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more