WELLINGTON: New Zealand's economy unexpectedly grew at the fastest pace in five years in the March quarter on food and milk production, sending the currency higher but still giving the central bank time to sit on record low rates because of tame inflation.
Gross domestic product in the agriculture-driven economy jumped a seasonally adjusted 1.1% in the quarter from the previous three months, more than double the 0.5% forecast in a Reuters poll and the central bank's 0.4% projection.
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