N Zealand economy cools as construction slows | 2018-06-22 | daily-sun.com

N Zealand economy cools as construction slows

    22 June, 2018 12:00 AM printer

WELLINGTON: New Zealand’s economy grew at a slower pace in the first three months of the year amid a fall in construction activity, official data released Thursday showed, with economists tipping no near-term interest rate hikes.

The January-March quarter growth of 0.5 percent took the annual rate of expansion to 2.7 percent, and was broadly in line with analysts’ forecasts, reports AFP.

It followed a 0.6 percent expansion in the September-December period. Statistics New Zealand said construction had cooled off, falling 1.0 percent for the quarter, but still up 1.4 percent for the year.

The 0.6 percent growth in service industries helped offset the decline, the statistics body said.