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New Zealand economic growth slides to five-year low


New Zealand economic growth slides to five-year low

New Zealand’s economic growth slowed to a five-year low in the 12 months to June, official data released Thursday (Sep 19) showed, fuelling expectations further interest rate cuts are imminent.

Statistics New Zealand said the economy expanded 0.5 percent in the April-June quarter, slightly below market forecasts, as mining and manufacturing activity weakened.

It took annual growth to 2.1 percent, the lowest recorded since late 2013.

Economists said the weak figures increased the likelihood the central bank will follow up a surprise interest rate cut last month with further reductions.

The reserve bank of New Zealand slashed its base rate 0.5 percentage points to a record low of 1.0 percent in August, saying it wanted to stimulate the economy in a bid to meet employment and inflation targets.

- Source: News websites

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