NZ dollar falls as drought throws handbrake on economic growth

NZ dollar falls as drought throws handbrake on economic growth
By Paul McBeth June 20 (BusinessDesk) - The New Zealand dollar dropped after government figures showed the economy grew at the half the expected pace in the first quarter, as the drought at the start of the year saw farmers cull their herds, sapping milk production. Gross domestic product grew 0.3 percent to $37.1 billion in the three months ended March 31, from a pace of 1.5 percent in the December period, according to Statistics New Zealand. That’s half the 0.6 percent rate predicted in a Reuters survey of economists and below the 0.5 perc...