NZ economy grows smaller-than-expected 0.5% in 1st qtr; construction activity shrinks

Wed, 14 Jun 2017

By Paul McBeth June 15 (BusinessDesk) - New Zealand's economy grew at a slower pace than expected in the first three months of the year as building activity and investment shrank, offsetting a recovery in milk production which spurred agriculture. Gross domestic product expanded 0.5 percent in the three months ended March 31, accelerating from a 0.4 percent quarterly pace in the December quarter, and was 2.5 percent higher than the same period a year earlier, Statistics New Zealand said. That was below the 0.7 percent quarterly expansion...

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