N.Z. Economy Unexpectedly Contracted in Third Quarter
This article is for subscribers only.
New Zealand’s economy unexpectedly contracted in the third quarter and moved closer to a recession as the worst earthquake in eight decades slowed housing and manufacturing.
Gross domestic product fell 0.2 percent in the three months ended Sept. 30, the first drop since early 2009, from a revised 0.1 percent gain the previous quarter, a Statistics New Zealand report showed in Wellington today. The median forecast of 15 economists surveyed by Bloomberg News was 0.1 percent growth.