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Economy

New Zealand economy surged 2.8% in Q2

GDP growth beats predictions; central bank expected to lift interest rates

New Zealanders line up for takeaway food in Wellington on Sept. 1 as a nationwide COVID-19 lockdown eased, except in Auckland, the nation's biggest city.   © Reuters

WELLINGTON (Reuters) -- New Zealand's economy grew at a much faster pace than expected in the second quarter, officials said on Thursday, reinforcing the view that the central bank will start lifting interest rates despite a recent outbreak of the coronavirus.

Gross domestic product (GDP) surged 2.8% in the three months through to June, Statistics New Zealand said, well ahead of a Reuters poll forecast of a 1.3% increase in growth and the Reserve Bank of New Zealand's (RBNZ) estimate of 0.7%.

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