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Statistics New Zealand released its GDP data on Thursday. New Zealand's GDP rose 0.2% in the first quarter, missing expectations for a 0.6% increase, after a 0.7% gain in the fourth quarter. The fourth quarter's figure was revised down from a 0.8% rise.
On a yearly basis, New Zealand's GDP climbed by 2.6% in the first quarter, missing expectations for a 3.1% gain, after a 3.5% rise in the fourth quarter.
Retail trade and accommodation rose 2.4% due to higher tourist spending (the 2015 Cricket World Cup and more visitors during Chinese New Year), while New Zealand's household spending climbed 0.7%.
Agriculture declined 2.3% in Q1, while mining dropped 7.8%.
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