New Zealandís Economy Making Good Progress

25 September 2012 16:00 - Which Way to Pay

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New Zealandís Economy Making Good Progress

According to a report released in Wellington by Statistics New Zealand, gross domestic product rose 0.6% in the last quarter when it expanded a revised 1%. New Zealandís economic growth slowed less that economist had expected in the three months ending on 30th June, as stronger output and construction helped lift the local currency that is the strongest among major developed nations this year. Growth was stronger than the central bankís 0.4% prediction.

The second quarter figures reflect a boom season for pasture growth that resulted in record production of milk, the basis of New Zealandís exports of dairy products. Added to that, the reconstruction of earthquake-damaged Christchurch is starting to see increased building activity. Agriculture was the largest contributor to economic growth in the latest quarter, rising 4.7% and contributing 3.6% gain in primary industries as a whole. Forestry and logging rose 3.3% while construction grew 3.3%,.

Mark Smith, senior economist at ANZ National Bank Ltd said, ďThe economy ended the first half of the year with a reasonable degree of momentum.Ē He added, ďThe considerable uncertainties over the future outlook are likely to maintain a high hurdle to cash rate moves, with the RBNZ in no hurry to move.Ē

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Related Links:
• Statistics New Zealand
Gross Domestic Product: June 2012 quarter

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