New Zealand GDP Growth Improves

(RTTNews) - New Zealand's economy logged a faster growth in the first quarter, primarily driven by manufacturing expansion, official data revealed Thursday.

Gross domestic product advanced 0.8 percent in the March quarter after expanding by revised 0.5 percent in the preceding period, figures released by Stats NZ showed. Annual GDP growth improved to 0.8 percent from 0.3 percent in the December quarter. Manufacturing, the largest contributor to GDP growth, climbed 1.9 percent in the first quarter. Business services and wholesale trade also contributed to the increase in GDP.

Meanwhile, mining was the largest downward contributor to GDP, down 11.6 percent. Construction shrank 1.0 percent.

"New Zealand's manufacturing industry is a large and diverse sector of the economy, making up around 8.0 percent of GDP," general manager and macroeconomic spokesperson Jason Attewell said.