Overview
- Official data show GDP rose 1.1% in the September quarter, with annual growth about 1.3% after a revised 1.1% contraction in Q2.
- The expansion was broad-based across 14 of 16 industries, led by manufacturing and business services (both up about 2.2%) and construction (up 1.7%).
- Statistics New Zealand said business services made the largest contribution to growth, while exports increased 3.3% on stronger dairy and meat.
- The result supports the central bank’s stance to keep rates on hold, with Governor Anna Breman pushing back on market bets for early hikes.
- Market reaction was muted and an annual‑average measure still shows output roughly 0.5% below a year earlier, signaling a fragile recovery.