More bad news on the economic front.
The economy grew a weaker than expected 0.3 per cent in the December quarter, with a boost from the Rugby World Cup and a good season for farmers offset by a fall in manufacturing.
Economists had expected economic growth of about 0.6 per cent in the December quarter.
GDP was up a modest 1.4 per cent for the year ended December 2011, lower than the 1.6 per cent forecast by economists.
I’m not an optimist – but even I’m surprised how bad this is. Despite the RWC we are still stuck in a rut. Not good at all.
How’s that cycle way looking?