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Economy

New Zealand GDP bounces back with faster than expected growth

Economy rises 1.6% in the three months through to March

The Auckland skyline: The bounce back came after New Zealand reported a 1.0% fall in GDP in the final quarter of 2020.   © Reuters

WELLINGTON (Reuters) -- New Zealand's economy grew much faster than expected in the first quarter as the country recovers from a pandemic-induced slowdown, affirming a view that monetary policy conditions may tighten sooner than previously expected.

Gross domestic product (GDP) rose 1.6% in the three months through to March, Statistics New Zealand said on Thursday, well above a Reuters poll forecast of 0.5% growth and the Reserve Bank of New Zealand's (RBNZ) estimate of a 0.6% fall.

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