New Zealand quarterly growth fastest in two years but challenges loom

WELLINGTON: New Zealand’s economy grew at its fastest in two years last quarter, a surprise result in a gloomy business climate that could spare the central bank from any need to raise the prospect of a rate cut at its monetary policy meeting at the end of the month.

Statistics New Zealand figures out yesterday showed quarterly gross domestic product (GDP) grew 1% in the three months to the end of June, double the pace of the previous quarter.