New Zealand’s economy unexpectedly contracted in the final three months of last year, confirming a recession and sending the currency initially lower as traders boosted bets on interest-rate cuts.
Gross domestic product fell 0.1 per cent in the fourth quarter after declining 0.3 per cent in the prior three months, government data showed Thursday in Wellington. Economists had expected 0.1 per cent growth. GDP shrank 0.3 per cent from the year-earlier period, worse than estimates of zero growth.
