Weekly economic update

Fortnightly Economic Update - 18 March 2022

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  • GDP rebounded 3.0% in the December quarter.
  • More timely data point to slower growth in recent weeks. 
  • High frequency indicators show increasing activity in Auckland as Omicron case numbers fall.
  • The conflict in Ukraine is adding to global inflation and slowing growth.  If sustained, higher inflation could slow global GDP growth by 1%-point.  
  • Risks in China are accumulating but substantial policy support is expected to shore up growth.