Forex
New Zealand Economy Defies Expectations with Slow Q2 Growth
New Zealand's economy grew more than expected in the second quarter, but growth remains sluggish due to headwinds from the Middle East conflict.
The country's GDP increased by 0.2% quarter-on-quarter, beating analyst expectations of 0.1% growth and the Reserve Bank of New Zealand's forecast of no growth.
GDP also rose by 2.6% year-on-year, surpassing market expectations of a 2.2% rise.
The Middle East crisis weighed on the economy, driving up oil prices and creating economic uncertainty, which is expected to pressure growth in the second quarter.