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

New Zealand Economy Slow to Escape Recession

Wednesday, 23 December 2009 10:57 AM EST

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.

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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...
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2009-57-23
Wednesday, 23 December 2009 10:57 AM
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