The economy shrank less than expected in June quarter

(Image: Getty)

Thu, 19 Sep 2024

New Zealand's economy shrank a better-than-expected 0.2% in the June quarter versus the March quarter and seven out of 16 industries grew.Most economists predicted the economy would contract by 0.4%, while the Reserve Bank of NZ (RBNZ) had predicted a 0.5% contraction.Stats NZ, however, also revised down the March figure to 0.1% growth from 0.2% growth.The largest rise in the June quarter was in manufacturing. "A rise in transport equipment, machinery and equipment manufacturing drove the increase in manufacturing....

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