December 2008 GDP

0.9% fall in December (production account, seasonally adjusted). However, September was revised down as well – so similarish to a 1% fall. Bigger decline than the RBNZ expected, but about in line with the market.

Expenditure account (old C+I+G+X-M) fell by 0.6% – but has fallen a lot further over the past year.

GDP deflator did rise a lot more strongly than I expected.