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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help 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 economy set for sharp contraction in Q4 Reuters - Monday, March 16 WELLINGTON, March 16 - New Zealand's economy is likely to have contracted by around 1 percent in the fourth quarter, its biggest in more than a decade, after data showed a record slide in manufacturing sales in the period. ADVERTISEMENT Seasonally adjusted manufacturing volumes fell 5.4 percent for the fourth consecutive quarter in the three months ended December, the largest fall since the series started in 1994, Statistics NZ said on Monday. The data is the last piece of data used to compile growth numbers due at the end of the month, and an analyst said it pointed to a bleak quarter for the economy. "This, along with other partial indicators we have received suggest that Q4 GDP will record a large contraction -- and quite possibly in excess of 1 percent," said ANZ National Bank economist Philip Borkin. A preliminary Reuters poll taken before the data had a median forecast for a 0.8 percent contraction in fourth quarter gross domestic product. The Reserve Bank of New Zealand last week forecast a similar sized contraction. The economy last shrank that much in the first quarter of 1998. Official data for the fourth quarter is due on March 27. New Zealand has been in recession since the start of last year as the global turmoil exacerbated a domestic slowdown caused by drought and weak exports. The central bank cut interest rates by 50 basis points last week to a record low 3 percent to give more support to the economy in the face of the global recession, bringing its total easing since last July to 525 basis points. It has said there is room for more, smaller cuts to around 2.5 percent, but said it also expects the economy to start showing signs of growth in the second half of the year. UBS senior economist Robin Clements said he was now revising his GDP forecast to a contraction of 1 percent from 0.3 percent, and expecting further fall of around 0.5 percent in the first quarter. "We are now considerably more pessimistic on the immediate recovery phase," he said. He said he expected the the RBNZ to deliver at least another 50 basis points rate cut next month, with further action dependent on any signs of recovery. "This might mean that rates stay low for longer, as opposed to going lower than anticipated." The fall in manufacturing sales was led by lower meat and dairy products, petroleum and industrial chemicals. The first-quarter decline compared with a 2.3 percent fall in the previous quarter. 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: China's Economy China may have lost $80 bln on foreign equitiesAFP - 1 hour 51 minutes ago China's Geely says to redeem outstanding conv bondsReuters - 2 hours 14 minutes ago Foreign direct investment in China declinesAP - Monday, March 16 China outlines subsidies for rural auto purchasesAP - Monday, March 16 Related Articles: Business RPT-GLOBAL MARKETS WEEKAHEAD-Bear market endgameReuters - 1 hour 24 minutes ago S.Korea Feb import prices gather pace on wonReuters - 1 hour 27 minutes ago Asian markets mostly higher but caution remainsAP - 1 hour 28 minutes ago Hitachi to cut $5.1 bln in costs, shuffle managementReuters - 1 hour 32 minutes ago India cbank offers 582.30 bln rupees at special repoReuters - 1 hour 36 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Arrest warrant issued for Lindsay Lohan Bailed-out AIG plans bonuses worth millions: report For sale: nagging wife, very high maintenance World Bank warns of "very dangerous" year ahead Twin boys for Charlie Sheen and wife View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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