The New Zealand economy has picked up momentum for the first time in two years.
25 March 2010
New Zealand economy expands at fastest level in two years
The New Zealand economy grew swiftly in the fourth quarter as manufacturing revived and companies built up inventories that had run down through the recession.
Statistics New Zealand confirmed that gross domestic product expanded 0.8 per cent in the final three months of 2009, and growth in the third quarter was revised up to 0.3 per cent from 0.2 per cent.
New Zealand economy's recovery is picking up growth faster than expected by the central banks, and the results indicate businesses were confident in the economic recovery and increasingly preparing for the future.
In particular the inventory rebuilding process and business investment hit a strong pace earlier than was expected, which suggests that the positive sentiment in business surveys were being translated into action.