New Zealand's economy grew by 0.9%
The price of the New Zealand dollar rose after the publication of positive statistics on the growth of GDP in the 4th quarter of last year. Thus, the economy expanded by 0.9% against analysts' forecast of 0.7%. Compared with the same period last year, an increase was 2.3%. Increased activity in the services sector was able to compensate for the weakness in the manufacturing and agricultural sectors. The weakening of the world economy and the deterioration of the situation in agriculture are the main factors that negatively affect the New Zealand currency. Despite the current growth and improved macroeconomic indicators, the expected decline RBNZ interest rates and the likely strengthening of the US dollar are the reasons for the saving of negative forecast with the objectives at 0.6450 and 0.6250.
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