New Zealand economy contracts 0.2% in first quarter

Annual GDP rose 1.2%, below a Reuters poll forecast of a 2.7% rise. (File pic shows a mall in New Zealand)

WELLINGTON: New Zealand's gross domestic product (GDP) declined 0.2% in the first quarter from the previous quarter due in part to a decline in the primary industries sector, official data showed on Thursday.

The figure was below the median forecast from economists polled by Reuters, who expected production-based growth to increase 0.6% for the quarter.