In the end the extent of the economic gloom that prompted even the Reserve Bank to downgrade its forecasts proved over done.

Growth for the first quarter of 2019 came in at 0.6 per cent for an annual percentage change of 2.5 per cent.

That was largely in line with expectations but ahead of the RBNZ's forecast, and some of the gloomier bank economists, at 0.4 per cent.

But the result hasn't prompted much optimism and most economists still expect another official cash rate cut will be needed before the end of the year.


Data released by StatsNZ today showed