.....but O’Connor is doing his bit to put things right with CPTPP talks
The bothersome economic news today is that New Zealand’s GDP fell by 0.6% in the December quarter, weaker than market forecasts of a fall of around 0.2% and much weaker than the Reserve Bank’s assumption of a 0.7% rise.
This followed the even-more-bothersome news yesterday that the country’s current account deficit has blown out sharply over the past two years to hit 8.9% of GDP by the end of 2022, the biggest deficit as a share of GDP since the mid-1970s.
