GDP beats expectations

New Zealand's gross domestic product (GDP) grew by 0.6 percent in the June quarter - about double market expectations.

The result was also ahead of the Reserve Bank's forecast of a 0.4 percent gain.

The annual growth rate for the June year was 2.0 percent - the biggest annual growth rate since a 2.5 percent rise in the year to March, 2008, Statistics NZ (SNZ) said.

The quarterly gain compared with a survey of 13 economists, which predicted GDP would grow by 0.3 percent in the second quarter, down from an unusually strong 1.1 percent gain in the first quarter.

SNZ, in today's GDP release, revised the first quarter GDP number down to 1.0 percent.

SNZ said agriculture, which gained 4.7 percent, was the biggest contributor to economic growth over the June quarter, followed closely construction, up 3.3 percent.

Manufacturing grew by 0.8 percent over the quarter.


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