All NZ Forecasters Expect Cash Rate Hike In July - Poll

Sunday 27 June 2004

Forecasters are unanimous the Reserve Bank of New Zealand will raise interest rates for the fourth time this year in July, following sizzling first-quarter economic growth figures.

By The Landlord

However, they remain reluctant to endorse an Official Cash Rate higher than 6.0%.

All 13 economists in a Dow Jones Newswires poll Friday expect the Reserve Bank to raise the cash rate by a quarter percentage point to 6% at its July 29 review.

In a June 10 survey, 10 of 13 forecasters expected a July rate hike.

The shift to unanimity follows the release of first-quarter gross domestic product figures Friday which showed the country had recorded its fastest quarterly growth in over four years.

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