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New Zealand GDP Slumps 0.3% On Quarter In Q3
(RTTNews) - New Zealand's gross domestic product contracted a seasonally adjusted 0.3 percent on quarter in the third quarter of -223, Statistics New Zealand said on Thursday.
That was well shy of expectations for an increase of 0.2 percent following the downwardly revised 0.5 percent gain in the previous three months (originally 0.9 percent).
On an annualized basis, GDP sank 0.6 percent - again missing expectations for a gain if 0.5 percent following the downwardly revised 1.5 percent improvement in the second quarter (originally 1.8 percent).
GDP expenditure was down 0.7 percent on quarter after gaining 0.9 percent in the three months prior.
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The manufacturing sector in New Zealand continued to contract in June, albeit at a slower rate, the latest survey from BusinessNZ revealed on Friday with a Performance of Manufacturing Index score of 48.8.
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