New Zealand’s gross domestic product increased by 2.8% in the second quarter of this year ending in June, according to data released in the Asian session by Statistics New Zealand, compared to 1.6% in the first quarter before it was adjusted and revised to 1.4%, while expectations indicated a growth The New Zealand economy is about 1.1%.
In details, all industrial groups rose in the second quarter, as service industries, which constitute two-thirds of the economy, contributed by 2.8%, while industries producing goods, which constitute one fifth of the economy, rose by 1.3%, and primary industries rose by about 5%.
The initial reaction of the New Zealand dollar was positive, as it rose against the US dollar by more than 30 pips to test 0.71341 levels before declining and is now trading at 0.7105 levels after reviewing the first quarter reading.
06/11/2024
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