(Bloomberg) — New Zealand’s economy only just emerged from recession in the first three months of the year with very modest growth, economists predict. Gross domestic product increased 0.1% in the first quarter, according to the median estimate of 16 economists surveyed by Bloomberg News. Three respondents — all from local banks — forecast a contraction and two tip zero growth. The report is due June 20. The Reserve Bank, which forecasts 0.2% growth for the quarter, has kept monetary policy restrictive to curb demand and get inflation back under control. While consumers have reduced spending and hiring has slowed, the economy may have been able to eke out a slight expansion due to
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