NZ Economy Beats Expectations with 0.5% Growth

New Zealand's economy continued to grow in the second quarter of 2026, according to the Westpac NZ Weekly Economic Insight report. The country's GDP growth rate was 0.5% higher than expected, driven by a strong services sector.

The report noted that consumer spending and business investment were key drivers of growth, with household expenditure rising by 2.7% in the quarter. However, the Westpac Group cautioned that the economy is still vulnerable to external shocks, including global economic uncertainty and changes in monetary policy.