New Zealand’s economy saw surprisingly strong growth in the third quarter, fuelling expectations the central bank will continue its aggressive rate hiking cycle as it tries to get inflation at three-decade highs under control. | Reuters
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“A fair chunk of this quarter’s whopper growth is an artifact of one-off drivers: the big surge in service activity and exports driven by the opening of the NZ border,” ASB Bank economist Nat Keall said in a note. The Reserve Bank of New Zealand’s ninth straight hike last month means the cash rate has risen 400 basis points since October 2021 and is now at a level not seen since January 2009. The central has signalled it has further to go as it looks to engineer a shallow recession to stop inflation become entrenched.
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