Consensus Forecasts - Real GDP Growth 8 6 4 2 0

Construction is expected to remain the main driver of the recovery in the New Zealand economy over the coming years. [...] NZIER Consensus Forecasts 2 e e e e e e e e e e e e NZD revised up for the coming years The NZD TWI has again been revised higher across i the projection horizon. [...] Higher commodity prices in recent months have increased the appeal of commodity currencies such as the New Zealand i i dollar, and expectations are for the strength in the NZD to continue over the coming years. [...] The upward i i revision to the inflation outlook over the projection horizon suggests that the effects of these cost increases are expected to persist over the coming e t tisti s years. [...] The downward revision to the unemployment rate i i forecasts reflect expectations of a further tightening in the labour market.