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«AgroInvest» — News — New Zealand economy posts strong growth

New Zealand economy posts strong growth

2012-09-20 17:18:55

New Zealand's economy expanded 2.0 percent in the year to June, the highest annual growth in output for four years, according to official figures released on Thursday.

Statistics New Zealand said it was the best result since the 2.5 percent rise for the year ended March 2008.

The economy grew 0.6 percent in the June quarter from the previous three months, with agriculture (up 4.7 percent) and construction (up 3.3 percent) listed as drivers of the better-than-expected quarterly result.

"The good pasture conditions in the first half of the year continued to contribute to economic growth this quarter," national accounts manager Rachael Milicich said.

"We are also now seeing evidence of a rebuild in Canterbury following the earthquakes."

A 6.3-magnitude quake last year in Christchurch, the main city in Canterbury province, killed 185 people and destroyed much of the inner city.

Finance Minister Bill English said New Zealand's performance compared favourably with the rest of the developed world.

"New Zealand's economy continues to perform better than those of most other developed countries, despite uncertainties in Europe, the United States and suggestions that growth in China may come off its recent highs," he said.

"We are making good progress and the outlook is for further moderate growth over the next three or four years."

 

 

channelnewsasia.com