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New Zealand growth decelerates more than forecast

Posted on 22 Mar at 6 PM Tags: Property,

New Zealand’s economic growth decelerated to half the rate economists predicted in the final quarter as manufacturing dropped, adding to the idea of no change in interest rates this year.

Gross domestic product increased 0.3 per cent in the final quarter of 2011 from the previous quarter, when it rose a revised 0.7 per cent, said Statistics New Zealand in a report. The result is similar with the 0.6 per cent median forecast in a Bloomberg News, reports Bloomberg Businessweek.

New Zealand’s dollar dropped to the lowest level in a week when investors decreased bets that central bank Governor Alan Bollard plans to raise the official cash rate from 2.5 per cent this year. The fifth quarterly expansion in a row last quarter was just 50 per cent the growth the central bank had predicted, with spending tied to the Rugby World Cup and a rush in farm production assisting prevent a bigger slowdown.

Mark Smith, from ANZ National Bank Ltd. in Wellington, said that his company continues to hope for a December start to the constricting cycle, but stresses this is founded on an assumption that economic drive in the economy will increase in the second half,”

New Zealand’s dollar dropped as low as 81.01 compared to the greenback from 81.32 cents before the report.
The NZD exchange rates on 22/03/2012 were as follows: GBP NZD = 1.9509, EUR NZD = 1.6281, USD NZD = 1.2328, AUD NZD = 1.2823, CHF NZD = 1.3503, INR NZD = 0.0241, AED NZD = 0.3359, MXN NZD = 0.0962, CAD NZD = 1.2342, ZAR NZD = 0.16, RUB NZD = 0.0418, . See today's New Zealand Dollar Exchange Rate
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