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Construction helps GDP tick up slightly in first quarter

Author
Newstalk ZB,
Publish Date
Fri, 21 Jun 2019, 11:12AM
Photo / Getty

Construction helps GDP tick up slightly in first quarter

Author
Newstalk ZB,
Publish Date
Fri, 21 Jun 2019, 11:12AM

New Zealand's economy grew in line with expectations in the first quarter, shored up by strong construction activity, but weak services output – which represents two-thirds of the economy - was a drag on growth.

Gross domestic product expanded 0.6 per cent in the three months to March 31 after a 0.6 per cent rise in the December quarter, and was 2.5 per cent higher than the same quarter a year earlier, Stats NZ said.

Economists polled by Bloomberg predicted GDP expanded a quarterly 0.6 per cent and was 2.4 per cent higher than a year earlier. The Reserve Bank predicted quarterly growth of 0.4 per cent.

The New Zealand dollar rose to 65.61 US cents from 65.38 cents immediately before the announcement. It was recently trading at 65.64 US cents.

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