Despite the surprise economic contraction witnessed in the final quarter of 2020, New Zealand's Deputy Prime Minister and Finance Minister Grant Robertson said on Thursday, the economy remains resilient amid coronavirus pandemic-induced blow.
"It is not surprising that these numbers are jumping around. The world is dealing with the ongoing impact of COVID-19 and there will be volatility for some time.”
"New Zealand had an extremely strong bounce-back in the September quarter and some of that has evened out in the December quarter.”
“There is also a lot of volatility within sectors in the economy.”
"Nevertheless, we outperformed the countries we compare ourselves to on this measure."
New Zealand's GDP rate fell by 1.0% in the December 2020 quarter following a revised 13.9% jump recorded in the September quarter.
Amid encouraging comments from Robertson and dovish Fed-led market optimism, NZD/USD trades better bid near 0.7250, up 0.08% on the day.
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