The rebound in GDP growth in Australia in the fourth quarter and the easing in New Zealand appear to imply that the neighbouring nations are experiencing a change of fortunes. But we doubt this is a sign of things to come. While subdued domestic demand will mean that GDP growth in Australia slows from 2.5% in 2016 to around 2.2% this year, the strength of tourism and construction activity means that GDP growth in New Zealand will accelerate from 3.1% to around 3.5%.
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