NZ economy grows 1.1% in 1Q, twice expected pace; kiwi dollar jumps above 80 cents

Wed, 20 Jun 2012

By Paul McBeth June 21 (BusinessDesk) - The New Zealand economy grew at its fastest quarterly pace in five years as good weather stoked milk production, and led to greater dairy manufacturing. The kiwi dollar surged to above 80 US cents after the figures were released. Gross domestic product grew 1.1 percent to almost $35 billion in the three months ended March 31, the fastest quarterly pace since March 2007, according to Statistics New Zealand. That's more than twice the 0.5 percent pace forecast in a Reuters survey of economists and almost...

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