New Zealand reported better than expected growth in the third quarter. GDP printed at 0.8%, beating analyst expectations of a 0.6% growth. This is the strongest quarterly GDP growth in more than two years. The manufacturing sector was up 2.3% due to an increase in food, beverage and tobacco manufacturing. The retail, accommodation and restaurant sector grew by 2.5%. The construction sector declined 2.2%. Statistics New Zealand official Rachael Milicich said, “Activity in the retail, accommodation, and restaurants industry was certainly boosted by the Rugby World Cup. New Zealanders and visitors to New Zealand both contributed to that rise.” Finance Minister Bill English commented that the quarterly growth was solid and pleasing after a dismal 0.1% growth in the second quarter. Read more
