GDP rose by 1.7 per cent in the June 2022 quarter, following a 0.2 per cent fall in the March 2022 quarter. In the June 2022 quarter, households and international visitors spent more on transport, accommodation, eating out, and sports and recreational activities. Ahead of today's announcement, bank economists had taken divergent views, with one picking only 0.4 per cent growth and another forecasting 1.6 per cent growth. Only the construction sector had been outperform expectations and Workman predicted 0.4 per cent growth. The country's seasonally adjusted current account balance was a $7.1 billion deficit in the June 2022 quarter, down $1.7b from the previous quarter.

Source: New Zealand Herald September 15, 2022 03:24 UTC