NZIER Consensus Forecasts point to subdued growth for the two years ahead - September 2023

The latest NZIER Consensus Forecasts show subdued economic growth over the next two years. Annual average GDP growth is forecast to slow to 0.4 percent in the year to March 2024 before recovering to just 1.1 percent in 2025. Higher interest rates are starting to dampen demand as the impact of previous increases in the Reserve Bank’s Official Cash rate (OCR) is transmitting through to the broader economy.