New Zealand economy grew at its fastest pace in two years during the second quarter of 2018 driven by agricultural production. GDP rose by 1% in the second quarter following a 0.5% rise in the first quarter of 2018.
Compared to a year ago, the economy grew by 2.8% in the second quarter compared to a 2.6% growth in the first quarter of the same year. While growth has exceeded the Reserve Bank of New Zealand's 0.5% forecast, the bank may remain cautious about the economic outlook amid a decline in corporate confidence.
The Reserve Bank of New Zealand said it is counting on the data for the current quarter to see evidence that fiscal stimulus is boosting growth.
