New Zealand’s economy contracted during the first three months of the year, with the latest data showing gross domestic product (GDP) fell 0.2 percent.
Statistics New Zealand revealed primary industries led the fall in GDP, down 1.2 percent over the March quarter. Goods producing industries also edged lower by 0.1 percent.
“We saw lower output in the food, beverage, and tobacco manufacturing sub-industry; and the agriculture, forestry, and fishing industry,” Stats NZ senior manager Ruvani Ratnayake said.
“These declines corresponded to falls in related exports categories, including dairy products; meat products; agriculture and fishing products; and other food, beverage, and tobacco products.”
Exports decreased by 14.3 percent during the quarter, up 1.9 percent annually, while imports fell 2.8 percent, up 17.3 percent annually….