New Zealand’s economy all but stalled in the first quarter as lower prices for milk and oil pushed down growth to 0.2 percent, according to figures released on Thursday.
It was the worst quarterly performance in two years and below market expectations. The result pushed down the currency by more than 1 percent, with the New Zealand dollar trading Thursday at about 69 US cents.
Wholesale prices for the country’s key dairy exports have fallen by more than 50 percent since early last year, due in part to slowing economic growth in China.
(Source: CNBC)