Economics
New Zealand Economy Slows as Drought Hurts Farms; Kiwi Drops
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New Zealand’s economic growth slowed more than forecast last quarter as the nation’s worst drought in 30 years curbed farm output, sending the currency lower.
Gross domestic product rose 0.3 percent in the three months ended March 31 from the previous quarter, when it expanded 1.5 percent, Statistics New Zealand said in a report today in Wellington. Growth was slower than the 0.5 percent median estimate in a Bloomberg News survey of 11 economists.