NZ: Q2 manufacturing fell -1.2% - TDS

Analysts at TD Securities note that New Zealand’s Q2 manufacturing fell -1.2%, which is going to be the final input into GDP (released 20 Sep).

Key Quotes

“After offsetting the weaker Q2 manufacturing input by last week's stronger wholesale sales (+2.6%), we stick with +0.8%/q for Q2 GDP (released Sep 20).”

“The lower manufacturing outcome might trim the more aggressive f/cs out there.”