The Reserve Bank of New Zealand slashes its benchmark rate by 50 basis points, now at 4.25%, as GDP growth slows and economic activity remains subdued.
New Zealand 's central bank slashed its interest rate by 50 basis points, marking a third consecutive cut to its benchmark rate, now standing at 4.25%. Economists had anticipated a 50 bps cut, following previous reductions in August and October. The country's GDP growth has slowed, contracting by 0.2% in both the June and March 2024 quarters, with ongoing deflation concerns.
The Reserve Bank of New Zealand noted subdued economic activity, though it projects a recovery in 2025 as lower interest rates spur investment and spending. Employment growth is expected to remain sluggish until mid-2025
New Zealand Central Bank Interest Rate GDP Growth Economic Activity
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