Press Release
Reserve Bank Of New Zealand
Table 1
Summary of economic projections
(Annual percentage change, unless specified otherwise)
::::::::::Actuals:::::Projections
March year:::::1999:::::2000:::::2001:::::2002:::::2003
Price measures
:::::CPI*::::::::::1.0:::::1.7:::::1.5:::::1.6:::::1.7
:::::Wages:::::2.7:::::2.3:::::2.8:::::2.9:::::3.0
:::::Import prices (in New Zealand dollars) :::::2.7:::::4.0:::::-3.3:::::-1.3:::::0.4
:::::Export prices (in New Zealand dollars) :::::-1.1:::::8.5:::::-4.5:::::-0.9:::::2.2
Monetary conditions
:::::Nominal MCI (year average):::::-50:::::-275:::::-150:::::100:::::175
:::::90-day rate (year average):::::6.2:::::5.2:::::6.6:::::7.2:::::7.2
:::::TWI (year average):::::57.3:::::56.0:::::55.9:::::58.0:::::58.8
Output
:::::GDP (production, annual average % change):::::-0.1:::::3.5:::::3.6:::::3.4:::::3.4::::::::::GDP (production, March
qtr to March qtr):::::1.7:::::3.9:::::3.2:::::3.6:::::3.1
:::::Output gap (% of potential GDP, year average):::::-1.8:::::-0.8:::::0.2:::::0.6:::::0.8
Key balances
:::::Government operating balance :::::1.8:::::0.4:::::0.7:::::1.4:::::2.1
:::::(% of GDP, June year average)
:::::Current account balance :::::-5.8:::::-7.9:::::-5.8:::::-5.5:::::-4.8
:::::(% of GDP, year average)
:::::Terms of trade (annual average % change):::::-0.5:::::2.0:::::-0.1:::::0.0:::::1.5
:::::Unemployment rate (March qtr. s.a.):::::7.2:::::6.1:::::5.8:::::5.5:::::5.2
:::::Household savings rate (% of disposable income):::::-1.5:::::-1.6:::::-1.7:::::-0.4:::::0.2
World economy
:::::World GDP (annual average % change):::::1.0:::::3.8:::::3.6:::::3.3:::::3.2
:::::World CPI inflation:::::0.9:::::1.9:::::1.8:::::1.8:::::1.8
:::::
Quarterly projections:::::Sep-99:::::Dec-99:::::Mar-00:::::Jun-00:::::Sep-00
(quarterly percentage change, unless specified otherwise)
:::::
:::::CPI::::::::::0.4:::::0.2:::::0.6:::::0.4:::::0.4
:::::CPI (annual percentage change)*:::::1.1:::::1.3:::::1.7:::::1.6:::::1.6
:::::GDP (production, s.a.):::::2.3:::::1.0:::::0.8:::::0.8:::::0.7
s.a. = seasonally adjusted
Notes for this table are in Appendix 5
* Up to and including the June 1999 quarter, the series is the annual percent change in CPIX. From September quarter
2000, the series is the annual percent change in the new CPI. For September quarter 1999 to June quarter 2000, the
series is calculated by adding the quarterly increases in the new CPI to quarterly increases in the old CPI excluding
interest rates and section prices.