By Lucy Craymer WELLINGTON (Reuters) - New Zealand's economy grew more than expected in the second quarter supported by better activity in the services ...
By Lucy Craymer WELLINGTON - New Zealand's economy grew more than expected in the second quarter supported by better activity in the services sector. Official data out on Thursday showedBy Lucy Craymer
Official data out on Thursday showed gross domestic product rose 0.9% in the June quarter, higher than analysts' forecasts of 0.5%, and followed a revised 0.0% in the first quarter.Annual growth increased to 1.8%, Statistics New Zealand data showed. The service industry was a key driver of growth over the quarter, while the manufacturing sector saw some improvement after some subsectors were impacted by Cyclone Gabrielle in the first quarter, said Statistics New Zealand in a note.
The Reserve Bank of New Zealand has undertaken its most aggressive policy tightening since 1999, when the official cash rate was introduced, lifting it by 525 basis points since October 2021 to 5.50%. However, it has signalled that it has finished hiking.
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