14 Jul 2011

Economy grew despite Christchurch quakes

3:04 pm on 14 July 2011

Official figures show the economy grew reasonably strongly in the first three months of this year despite the Christchurch earthquake.

Statistics New Zealand says Gross Domestic Product (GDP) produced 0.8% more in the March quarter, beating economists' forecasts for a 0.4% increase.

The economy also grew more strongly in the final three months of last year than previously thought, with growth revised up to 0.5% from 0.2%previously.

Construction, manufacturing, wholesale and retail trade were hit by February's quake, but these declines were outweighed by the biggest increase in the manufacturer of machinery and equipment since records began, along with strong dairy exports.