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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: NZ Q3 value of residential building work tumbles Reuters - 2 hours 25 minutes ago WELLINGTON, Dec 8 - The value of New Zealand residential building work fell to its lowest level in six years in the third quarter, backing views the recession probably deepened during that period. The seasonally and inflation-adjusted value of residential work fell 7.9 percent during the three months to September, the fourth straight quarter of decline and compared with an upwardly revised 7.7 percent drop in the second quarter, according to official data on Monday. It was the biggest quarterly fall since June 2006. The value of non-residential building work such as offices and factories, rose 5.8 percent, the first gain in three quarters. The value of all building work during the quarter fell 2.1 percent, compared with a 5.5 percent fall in the June quarter. The unadjusted value of all building work was NZ$13.2 billion during the year to the September quarter, up 0.1 percent on a year earlier, of which residential work accounted for 60.6 percent. The once-robust housing market has cooled sharply as tight credit conditions and soaring food and energy costs hit consumer spending. The economy has been in recession since the beginning of the year, the first in over 10 years, and gross domestic product is seen to have fallen around 0.4 percent in the third quarter. The Reserve Bank of New Zealand cut interest rates by a record 150 basis points to 5 percent last week, the fourth reduction since July, when the official cash rate was at a record 8.25 percent. Retail lenders have cut their fixed and floating mortgage rates in response to the central bank's rate cuts. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business S.Korea Kia '09 unit sales seen at 1.47 mln -paperReuters - 19 minutes ago China leaders gather to set econ direction -XinhuaReuters - 32 minutes ago Bottom drops out of recycling industryAP - 35 minutes ago Japan Hot Stocks- Mitsubishi Corp shares upReuters - 42 minutes ago China South Locomotive wins $436 mln contractReuters - 51 minutes ago Most Popular – Business Viewed Diamond thieves pull off 100-million-dollar Paris heist Girl, 8, among 17 dead in Manila shoot-out: police Vinnie Jones gets into bar fight over role in X-Men Oil price falls below $40 Climate change: Sci-fi solutions no longer in the margins View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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