Economy Booms

21 June 2012 16:00 - Phoebe Robinson

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Economy Booms

Figures have been released which show that New Zealand’s agricultural driven economy is growing at the fastest pace in five years. It seems that good weather has fuelled milk production which has lead to an increase in dairy manufacturing. The newly released data is showing that agriculture was up by 2.3% and manufacturing by 1.8%. Gross domestic product grew 1.1% in the first three months of the year in comparison with the previous quarter. Economist had predicted that the economy would grow at about half this pace.    

“This quarter we saw growth spread across a number of industries, while in previous quarters the industry picture had been more mixed," national accounts manager Rachael Milicich said in a statement.

Though it was the country’s best quarterly economic growth in five years the annual growth rate was a more modest 1.7%, which is representative of the slow recovery the country has been dealing with.

The good weather which has improved grass growth and helped farmers is an undeniable reason for these recent statistics.

“When you look around the world and see how many troubles are out there, to grow at all is a pretty good performance,” said Craig Ebert, a senior economist at the Bank of New Zealand. “But to grow at the numbers we’ve seen is really quite encouraging.”

It seems the country’s recovery is speeding up; however economists have warned that the ongoing issues in Europe are bound to have a further backlash and pose a threat to all economies. 

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Related Links:
• Bank Of New Zealand
Ofiical Website
• Economic Calendar
Scheduled Economic Events

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