Statistics New Zealand released its GDP data on late Wednesday evening. New Zealand's GDP rose 0.7% in the first quarter, exceeding expectations for a 0.5% increase, after a 0.9% gain in the fourth quarter.

The increase was driven mainly by a rise in construction.

The overall services sector rose 0.8% in the first quarter, construction climbed 4.9%, while the manufacturing sector declined 0.4%.

On a yearly basis, New Zealand's GDP climbed by 2.8% in the first quarter, beating expectations for a 2.6% growth, after a 2.3% rise in the first quarter.