News Summary: New Zealand GDP grows 1.1 pct in 1Q

Associated Press

THE NEWS: New Zealand's agriculture-driven economy grew at the fastest pace in five years as the region remains a bright spot in a gloomy world economy.

THE NUMBERS: Gross domestic product grew 1.1 percent in the first three months of the year, more than expected. Agriculture grew 2.3 percent and manufacturing 1.8 percent.

THE REASON: New Zealand's agricultural numbers were helped by recent wet and mild weather. Economists cautioned that this and other one-time factors may have skewed the figures.

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