ANZ Bank expects the economy to have grown by only 0.5% in the first three months of the year, after drought hit manufacturing volumes harder than expected.
The market is picking the economy expanded by 0.7% in the March quarter.
Building and manufacturing data issued on Tuesday are among the last components of gross domestic product, which will be released Thursday next week.
Building volumes rose 2% in the March quarter, boosted by leaky home repairs, but manufacturing volumes fell nearly 3%, largely due to a 10% fall in agricultural products affected by the drought.
While the overall trend is positive, ANZ senior economist Khoon Goh says the data shows the recovery is mixed and he expects economic growth to be weaker than most are expecting.
He also says the recent volatility in global markets threatens New Zealand's recovery.
