It looks as though both Australia and New Zealand shook off the weakness at the start of the year as GDP growth may have bounced back in the second quarter. We estimate that the disappointing 0.3% q/q and 0.5% q/q respective rises in GDP in the first quarter were followed by gains of 0.8% and 1.2% in the second quarter. That said, a lot of the rebounds will be due to the unwinding of the temporary factors that hindered growth earlier in the year rather than the start of a sustained period of stronger growth. GDP in Australia may rise by just 2.0% this year and 2.5% next year, although it should grow a bit faster in New Zealand.
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