New Zealand’s Economy Grew More Than Expected in Second Quarter
- Second-quarter expansion of 0.9% beats economists’ estimates
- First-quarter GDP revised to show nation avoided recession
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New Zealand’s economy grew more than twice as much as economists expected in the second quarter, while a revision to the previous quarter showed the nation hasn’t been in recession.
Gross domestic product rose 0.9% in the three months through June, Statistics New Zealand said Thursday in Wellington, stronger than the 0.4% forecast by economists. First-quarter GDP was revised to unchanged from a 0.1% contraction, meaning the economy narrowly avoided a technical recession after shrinking in the final three months of 2022.