The economy of New Zealand reported a growth rate of just 0.2 percent in the three months to September, reporting a very sluggish growth rate according to official data released today by Statistics New Zealand. The GDP growth for the quarter is less than the forecasts of 0.3 per cent and 0.4 per cent by the leading economists and the central bank.

On year-on-year basis, gross domestic product contracted 1.3 per, apparently, due to uncertain market conditions of the financial market. Rachael Milicich, the national account manager at Statistics New Zealand, said, "The economy continued to grow slowly in the September 2009 quarter, and the picture across industries was mixed. On the production side of the economy, mining and business services showed the largest increases."

Finance Minister Bill English, however, termed the figures satisfactory given to the prevailing market conditions. He admitted fragile recovery across various sectors and said that global factors can impact the domestic recovery of economy. English added, "That is why it is critical we improve the competitiveness of our exporters and address structural imbalances in our economy."