New Zealand’s central bank was surprised by data last week showing the economy shrank, but has no opinion yet on what it means for the interest rate outlook, according to Governor Adrian Orr. The unexpected 0.3% contraction in third-quarter gross domestic product compared to the Reserve Bank’s forecast of 0.3% growth, while revisions showed the economy had been much weaker over the preceding year. The data was “surprisingly subdued,” Orr told a parliament select committee Wednesday in Wellington. “We are internalizing that complex situation and will be back in February with our monetary policy statement.” The RBNZ ... (full story)