Tags: New Zealand | economy | grew | grow | second | consecutive | quarter

New Zealand Economy Slow to Escape Recession

Wednesday, 23 Dec 2009 10:57 AM

New Zealand's economy grew at a snail's pace for a second consecutive quarter following 15 months of recession, official figures showed Wednesday.

Gross domestic product rose 0.2 percent in the July-September quarter from the previous quarter, when it had also grown 0.2 percent, Statistics New Zealand said in a statement.

The economy contracted 1.3 percent for the 12 months through September.

"The economy continued to grow slowly in the September 2009 quarter, and the picture across industries was mixed," said the agency's national accounts manager, Rachael Milicich.

The growth for the third quarter was slower than the 0.3 percent to 0.4 percent expansion forecast by economists.

Mining grew 11.1 percent, driven by an increase in both extraction — mainly oil production — and exploration, while real estate and business services were up 2.2 percent.

On the downside, construction activity fell 4.4 percent to record its sixth decrease in the last seven quarters, while manufacturing was down 1.9 percent.

Household spending rose 0.8 percent in the July-September quarter, the agency said.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
1Like our page
2Share
Markets
New Zealand's economy grew at a snail's pace for a second consecutive quarter following 15 months of recession, official figures showed Wednesday. Gross domestic product rose 0.2 percent in the July-September quarter from the previous quarter, when it had also grown 0.2...
New Zealand,economy,grew,grow,second,consecutive,quarter,recession,gross domestic product
168
2009-57-23
Wednesday, 23 Dec 2009 10:57 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved