MIDDAY UPDATE: New Zealand economy grew less than expected in first quarter

Thu, 18 Jun 2015

June 18 (BusinessDesk) - New Zealand’s economy expanded less than expected in the first quarter, driven by a dairy-led contraction in agriculture and the impact on the mining sector of a drop in oil and gas activity. Gross domestic product grew 0.2 percent in the first three months of the year, according to Statistics New Zealand. That was a third of the growth forecast by the Reserve Bank and bank economists. The economy grew at an annual 3.2 percent, just below expectations. The disappointing growth hit the kiwi currency, which dropped...

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