Economic Buzz: New Zealand GDP Expands In Q1

New Zealands gross domestic product expanded 0.5 percent on quarter in the first three months of 2018, down from 0.6 percent in the three month prior, Statistics New Zealand said on Thursday. Agriculture recovered in the March 2018 quarter, up 0.4 percent, following a 2.8 percent fall last quarter. A rebound in milk production contributed the most to the rise, largely due to improved weather conditions, after hot, dry weather in the December 2017 quarter. Construction cooled off, down 1.0 percent in the quarter but still up 1.4 percent for the year. GDP per capita was flat this quarter, following a 0.1 percent increase in the December 2017 quarter. On a yearly basis, GDP was up 2.7 percent, down from 2.9 percent in the fourth quarter of 2017.