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New Zealand economy rebounds in Q2 as tourists return

Central bank not finished tamping down demand; rates expected to reach 4%

The opening of the country's borders created more demand as tourist spending jumped 157% from the first quarter.   © Reuters

SYDNEY (Reuters) -- 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 on Thursday showed gross domestic product (GDP) rose 1.7% in the June quarter, beating forecasts of a 1.0% gain and a timely recovery from the first quarter's 0.2% drop.

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