NZ dollar rises as second-quarter economic growth beats forecasts

Wed, 19 Sep 2012

By Hannah Lynch Sept. 20 (BusinessDesk) - The New Zealand dollar gained and is edging back toward 83 US cents after figures showed the local economy grew at a faster-than-expected pace in the second quarter, driven by record milk production and increased building activity. Gross domestic product grew 0.6 percent in the three months ended June 30, from a revised 1 percent pace in the first three months of the year, according to Statistics New Zealand. Growth of 0.3 percent had been expected in the second quarter, according to a Reuters survey....

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