New Zealand is no longer in recession with economic activity expanding 0.2% in the March quarter, leaving it 0.3% higher than a year earlier. Markets has been looking for slightly softer numbers of 0.1% and 0.2% respectively. The increase followed a 0.1% contraction in the December quarter last year. Despite the headline increase, details were mixed beneath the surface with only 8 of 16 industry sectors expanding during the quarter, led by rental, hiring and real estate services, and electricity generation. Cyclical sectors underperformed with construction, business services, and manufacturing contracting over the ... (full story)