New Zealand Q4-2014 GDP growth likely remained robust

Statistics New Zealand is scheduled to release Q4-2014 GDP data on 19 March. 

Standard Chartered notes its forecasts as follows:

• We expect GDP growth to have remained robust at 3.2% y/y (0.6% q/q), but slightly slower than 1.0% q/q growth in Q3. 
  
  
• The further drop in dairy prices and the more severe-than-expected drought likely affected GDP growth, but we expect continued strength in the construction sector to have offset this. 
  
  
• Construction activity, particularly in Canterbury and Auckland, has remained strong and likely continued to contribute the most to growth. 
  
  
• Dairy exports, which constitute c.5% of GDP, likely dropped mildly from Q2 (although they were likely higher than in Q3), while consumption likely rose 3.5% y/y.