ASB chief economist Nick Tuffley and senior economist Jane Turner said fourth-quarter GDP "was much weaker than expected". "The extent of the Q4 fall raises questions around the true extent of NZ’s economic performance through the pandemic, but also raises questions over how strong first half 2021 growth will be. The absence of foreign tourists is having a greater negative impact on GDP than previously estimated, compounded by the possibility of capacity constraints holding back the stronger parts of the economy (i.e. construction). The implications are mixed, as some sectors are constrained by weak demand but others may be constrained by supply."