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Source: New Zealand Treasury:

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Only the summary of this update has been prepared in HTML. If you require a full HTML version, please contact [email protected] and cite Fortnightly Economic Update – 4 February 2022 as a reference.

  • Strength in the labour market continued into the December quarter as inflation reached a 30-year high.
  • The trade deficit widened further as imports continued to climb.
  • Global growth is slowing as Omicron disrupts activity, but the economic effects are expected to be short-lived.
  • Our Special Topic draws on international experience to evaluate the potential economic impacts of an Omicron outbreak here. The Treasury’s initial assessment is a transitory hit of between 1.5%-2% of GDP across the first quarter.

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