World Economy

NZ Growth Low

NZ Growth LowNZ Growth Low

New Zealand’s economy grew slightly less than expected in the second quarter but the solid output figures, bolstered by strong export and domestic demand, may temper rate cut expectations, Reuters reported. Gross domestic product rose a seasonally adjusted 0.9% in the second quarter versus the prior quarter and 3.6% on the year, Statistics New Zealand said on Thursday. Economists polled by Reuters expected 1.1% growth on the quarter and 3.7% on the year. “Household spending was up 1.9%, with Kiwis spending more on going away, eating out, and furnishing their houses,” said Statistics New Zealand National Accounts Manager Gary Dunnet.