New Zealand GDP comes in at -0.3% QoQ in Q2 vs. 0.2% expected

The New Zealand Gross Domestic Product (GDP) for the third quarter (Q3) came in at -0.3%, following 0.5% in the previous reading. The market consensus was for a 0.2% expansion, according to the latest data released by Statistics New Zealand on Thursday.

The annual third-quarter GDP contracted by 0.6%, compared with the 1.5% growth in Q2 while missing estimates of a 0.5% increase.

Market reaction

The NZD/USD pair edges lower following the New Zealand GDP data release. At the press time, the spot is down 0.46% on the day to trade at 0.6176.