New Zealand’s economy surges in second quarter

Gross domestic product (GDP) surged 2.8% in the three months through June, Statistics New Zealand said, well ahead of a Reuters poll forecast of a 1.3% increase and the Reserve Bank of New Zealand’s (RBNZ) estimate of 0.7%.

WELLINGTON: New Zealand’s economy grew at a much faster pace than expected in the second quarter, officials said yesterday, reinforcing views that the central bank will start raising interest rates despite a recent outbreak of the coronavirus.

Gross domestic product (GDP) surged 2.8% in the three months through June, Statistics New Zealand said, well ahead of a Reuters poll forecast of a 1.3% increase and the Reserve Bank of New Zealand’s (RBNZ) estimate of 0.7%.