According to the latest data released by Statistics New Zealand on Thursday, The New Zealand economy expanded 0.9% during the second quarter, following 0% in the previous reading. The market consensus was for a 0.5% expansion.

The annual second-quarter GDP expanded by 1.8%, compared with the 2.2% growth in Q1 while beating estimates of a 1.2% increase.

Market reaction

The NZD/USD pair edges higher following the New Zealand GDP data release. At the press time, the spot is up 0.26% on the day to trade at 0.5945.

About New Zealand GDP

The Gross Domestic Product released by the Statistics New Zealand is a measure of the total value of all goods and services produced by New Zealand. The GDP is considered as a broad measure of New Zealand economic activity and health. Generally speaking, a high reading is seen as positive (or bullish) for the NZD, while a falling trend is seen as negative (or bearish) for the NZD.