Reserve Bank of New Zealand
NZ economy perks up, but rates on hold
New Zealand's economy grew at its fastest pace in almost two years in the September quarter as manufacturing and retail spending rose during the Rugby World Cup, but markets remained wary of the impact from the European debt crisis and continued to expect low interest rates for longer.
Gross domestic product rose a seasonally adjusted 0.8 percent in the July-September quarter from the second quarter, compared with a 0.6 percent forecast in a Reuters poll and the Reserve Bank of New Zealand.
NZ economy perks up, but rates on hold
New Zealand's economy grew at its fastest pace in almost two years in the September quarter as manufacturing and retail spending rose during the Rugby World Cup, but markets remained wary of the impact from the European debt crisis and continued to expect low interest rates for longer.
Gross domestic product rose a seasonally adjusted 0.8 percent in the July-September quarter from the second quarter, compared with a 0.6 percent forecast in a Reuters poll and the Reserve Bank of New Zealand.
NZ may cut rates by 50 basis points
The Reserve Bank of New Zealand (RBNZ) will cut interest rates by 50 basis points this week and growth will be severely restricted after a devastating earthquake hit the country's second biggest city on 22 February, according to a Reuters poll on Thursday.
The magnitude 6.3 quake in Christchurch killed at least 161 people and levelled much of the central business and retail district. The death toll is expected to rise.
