Market Updates
New Zealand Rebounds From Recession
123jump.com Staff
23 Sep, 2009
New York City
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New Zealand emerges from recession as housing market and consumer confidence strengthens in the second quarter. The six quarter long recession was the longest in thirty years as the nation joins Germany, France and Singapore to rebound with anemic growth rate.
[R]9:00 PM Sydney – New Zealand emerges from recession as housing market and consumer confidence strengthens in the second quarter. The six quarter long recession was the longest in thirty years as the nation joins Germany, France and Singapore to rebound with anemic growth rate.[/R]
The latest statistical data from New Zealand may offer another evidence of nascent recovery in the world economies. Seasonally adjusted second quarter GDP ending in June increased at a rate of 0.1% after dropping at 0.8% in the first quarter, technically ending six quarter long recession that started in the last quarter of 2007.
New Zealand joins France, Germany and Singapore to emerge from the last two years of economic turmoil as the leaders of 20 industrialized nations meet in the U.S. for a two-day summit.
New Zealand and Australian currencies surged to 13-month high after the release of GDP data. New Zealand dollar increased to 73.12 U.S. cents but settled at 72.60 cents. Australian dollar advanced to 87.87 U.S. cents and closed at 87.45 cents.
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