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New Zealand GDP Shrinks 1.6% In Q1

New Zealand's gross domestic product contracted 1.6 percent on quarter in the first quarter of 2020, Statistics New Zealand said on Thursday.

That missed expectations for a decline of 1.0 percent following the 0.5 percent increase in the previous three months.

Service industries were down 1.1 percent on quarter, while primary industries fell 1.0 percent and goods-producing industries dropped 2.7 percent.

On a yearly basis, GDP was up 1.5 percent - beating expectations for an increase of 0.3 percent and slowing from 1.8 percent in the three months prior.

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