Forex
NZ Economy Beats Expectations in Q2 Amid Middle East Uncertainty
New Zealand's economy experienced a modest growth in Q2, exceeding expectations despite lingering concerns over the Middle East conflict.
The country's GDP rose by 0.2% quarter-on-quarter, surpassing analyst predictions of 0.1% growth and the Reserve Bank of New Zealand's forecast of no change.
This growth translates to a year-on-year increase of 2.6%, beating market expectations of a 2.2% rise.
The Reserve Bank had raised the official cash rate by 25 basis points to 2.75% earlier this month, citing an expected strengthening and broadening of the economic recovery.