Rise in production but NZ recession continues
Increased production in the meat and dairy sector has led to a rise in manufacturing sales for New Zealand, according to their national statistics bureau.
Statistics New Zealand reports that sales gained 0.2 percent in the March quarter compared with the previous three months, and that meat and dairy sales surged 23 percent. Without meat and dairy, manufacturing would have resulted in a contraction of 6.5 percent.
The rise, adjusted for inflation, was the first in five quarters.
However the country is still in recession, the longest in more than 30 years. The NZ dollar’s 22 percent gain against the US dollar was not helping exports, said NZ’s Reserve Bank Governor Alan Bollard.