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Market Update: New Zealand Q1 GDP Growth at Fastest Pace Since 2019
New Zealands economy grew 2.4 percent from a year earlier in the first quarter of 2021, rebounding from a revised 0.8 percent contraction in the previous period and compared to market expectations of a 0.9 percent increase. It was the strongest expansion since the third quarter of 2019, as both goods-producing industries (5.1 percent vs -0.4 percent in Q4) and services industries rebounded (1.8 percent vs -0.4 percent). Also, primary industries output dropped at a softer pace (-2.6 percent vs -3.0 percent). On a quarterly basis, the economy expanded 1.6 percent in the first three months of 2021 after contracting a revised 1.0 percent in the prior quarter, beating market expectations of a 0.5 percent increase. source: Statistics New Zealand [/s2If]
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