The AMP Capital New Zealand Insights Paper – March 2019

The key messages in the paper are:

  • GDP growth in NZ in 2019 is likely to be similar to 2018 as potential positive and negative influences balance out

  • Consistent with global trends, NZ inflation remains benign creating an easing bias by the RBNZ

  • The NZD is currently around fair value against the USD and stronger against the AUD

  • Global growth has fallen sharply since late 2018, turning global central banks towards an easing bias

  • Global bond yields have fallen sharply this year and are likely to fall further

  • Valuations for NZ equities continue to climb with the one-year forward PE at a record 27.3


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