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NZ economy logs biggest growth in 5 years

New Zealand’s economy surged in the first quarter, led by increased food manufacturing and milk production, but the central bank was still seen with room to keep interest rates at a record low into next year.

Gross domestic product rose a seasonally adjusted 1.1 percent in three months to 31 March, the highest since March 2007 quarter, from a revised 0.4 percent in the previous quarter, official data showed on Thursday.

Economists polled by Reuters forecast a rise of 0.5 percent on the previous quarter, to be 1.3 percent higher than the same quarter a year ago. The Reserve Bank of New Zealand forecast a quarterly rise of 0.4 percent in its June monetary policy statement.


(Source: CNBC)