The New Zealand dollar slumped today after the government reported that the nation’s economy expanded less than expected, damping the prospect for the interest rates hikes.

The New Zealand gross domestic product rose 0.2 percent in the third quarter of this year, following the 0.5 percent growth in the second quarter. The actual growth was much smaller than the forecast 0.8 percent increase. The slow economic growth reinforced the outlook that there will be no interest rates increases until the next year.

NZD/USD tumbled from 0.7384 to 0.7279 today as of 9:26 GMT.

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