New Zealand GDP contracted -0.2% qoq in Q1, much worse than expectation of 0.6% qoq.
StatsNZ said: “Primary industries drove the decrease in GDP, down 1.2 percent in the quarter. Goods producing industries also experienced a slight decline, down 0.1 percent.
“The service industry group, which makes up approximately two thirds of the economy, remained flat. This result reflects falls in some industries being offset by rises in others.”
