New Zealand economy rebounds in 2Q as tourists return

Timely recovery: Customers at a cafe in Auckland. New Zealand’s GDP rose 1.7% in the June quarter, beating forecasts of a 1% gain. — Bloomberg

WELLINGTON: New Zealand’s economy rebounded sharply last quarter as a lifting of coronavirus restrictions and the return of tourists helped it dodge recession, though it may be a last hurrah for strong growth as surging interest rates steamroll demand.

Official data out yesterday showed gross domestic product (GDP) rose 1.7% in the June quarter, beating forecasts of a 1% gain and a timely recovery from the first quarter’s 0.2% drop.