SnapSTAT - China post-lockdown bounce

Friday 5 May 2023

In a welcome development for New Zealand exporters, China’s near-term activity data has been stronger than expected. Q1 GDP rose 4.5% y/y, consistent with strong data flows ranging from PMI to trade. Both credit expansion and construction PMI hit a record high. There are upside risks to ANZ’s GDP forecast of 5.4% for 2023. Q2 GDP could hit 8% y/y. If the property recovery is sustained, GDP may approach 5% in the second half of the year.

Source: CFLP, Macrobond, ANZ Research

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