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Michael Gordon, Senior Economist at Westpac, notes that the New Zealand economy fared substantially better in the June quarter, with a 1% rise in GDP following gains of 0.5- 0.6% in each of the previous three quarters.

Key Quotes

“Growth is still some way off the peaks seen in 2015-16, when the economy regularly grew by 1% or more each quarter. But the latest figures will help to soothe any concerns that the economy is heading into a slump.”

“There were some one-offs that boosted growth for the quarter, but these played less of a role than we expected.”

“The underlying picture was strong, with growth spread across a broad range of industries. The economy is trundling along, not falling into the dark hole that business confidence surveys might suggest.”