GDP June 09: The recession is over

So, the recession is over – not what I expected.

I had an ipredicit contract saying that GDP would be positive, but then I covered my position yesterday.  That will teach me 😉

Update:  Looks like it was the cold winter that pulled us out of recession – the increase in electricity generation more than accounted for the increase in production GDP over the quarter.

Randomly, RGNDI per person rose 1.7% in the quarter as well.  This is something I’m going to have to spend some time looking at, as on the face of it that is an awesomely good result.

Update 2Miguel points out the leap in RGNDI is because of yesterday’s reported movement of funds from BNZ.

  • Miguel Sanchez

    Matt, RNGDI was up because of the $661m that foreign-owned BNZ acknowledged that it owes to the IRD. Take that out and RNGDI was down a touch.

  • Ahhh excellent yes – go the transfers.

    Although I have to be honest, given the collapse in the TOT in the June quarter, flat RNGDI is still a little stronger than I would have expected. However, it is not excessively surprising like a 1.9% leap 😉