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Taking stock
GDP rose by 0.5% in the March quarter, following gains of 0.6% in each of the previous two quarters. Some minor revisions to history saw the annual growth rate nudge down to 2.7%, a little below market expectations. There was little in the way of special factors that might have held down the quarterly result – growth was widespread across industries, but was unremarkable in most cases. Household spending was flat as consumers turned more cautious, and construction activity slowed in the face of capacity and finance constraints. Dairy production picked up a little after a poor start to the season. Of course, GDP is ... (full story)