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    NZ Q1 GDP: Decent beat on expectations

    NZ 2016 Q1 GDP came in higher--than-expected at 0.7% q/q vs 0.5% estimates and 0.9% last, while  Q1 GDP  y/y  stood at 2.8% vs 2.6% expected and 2.3% prior.Key Facts- The latest growth was driven by the construction and health industries, but partly offset by decreases in the primary industries and manufacturing- Construction rose 4.9%, the strongest quarterly growth for the industry since March 2014- Service industries 0.8 percent this quarter, health and retail trade industries led the overall increase- When the rising population is taken into account, our GDP per capita rose 0.1 percent on the previous quarter- Strong tourist arrivals also supported the growth in service industries, reflecting a 4.9 percent rise in tourist spendingThe main movements by industry were:Expenditure on gross domestic product grew 0.5 percent in the March 2016 quarter.The main movements in GDE were:

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