The latest NZIER Consensus Forecasts shows forecasters have pared back growth expectations for the upcoming year. The downward revisions largely reflect expectations of weaker growth in investment.
Recent developments have been mainly positive, and point to economic activity picking up. Consumer and business confidence are also recovering. Nonetheless, expectations for annual average economic growth remain below 3% out to 2019. Forecasters expect growth to ease to 2.2% in the March 2016 year, before recovering to 2.7% by March 2017.