UPDATE: Strong construction growth shores up 1Q GDP but services weak

Thu, 20 Jun 2019

(Recasts lead, updates currency in paragraph four, adds comment from economists beginning in paragraph seven.) By Rebecca Howard June 20 (BusinessDesk) - New Zealand’s economy grew in line with expectations in the first quarter, with strong construction activity offsetting weak services output. Economists say it won't stop the central bank from cutting rates further. Gross domestic product expanded 0.6 percent in the three months to March 31 after a 0.6 percent rise in the December quarter, and was 2.5 percent higher than the same qua...

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