Quake-hit New Zealand economy dodges recession

New Zealand's earthquake-battered economy narrowly avoided a double-dip recession as it limped to 0.2 percent growth in the October-December quarter, official data showed Thursday. The quarterly figure, which was in line with market expectations, followed a 0.2 percent contraction in the July-September quarter.
Two straight quarters of negative growth would have put New Zealand in a technical recession. Statistics New Zealand (SNZ) said the 0.2 percent growth in gross domestic product (GDP) during the final three months of 2010 meant the economy expanded 1.5 percent in the calendar year. It said New Zealand's economic performance in late 2010 was hampered by an earthquake that hit Christchurch in September, claiming no lives but causing extensive damage.