New Zealand’s robust economy slowed by more than expected late last year with growth in the fourth quarter falling to 0.4 per cent, down from 0.6 per cent in the previous three months and below the consensus forecast of 0.6 per cent.

According to data released on Thursday, the annualised rate of growth eased to 3.9 per cent from 4.6 per cent in the third quarter, partly because of lower dairy production and a fall in construction activity, especially residential building.