The GDP of New Zealand looks unexpectedly positive. While analysts had forecasted that the country’s economy would only expand by 0.5% in the 1st quarter,
it actually advanced by 1.1%. So, the annual GDP growth rate came in at 2.4%.
The economy of New Zealand showed the explicit signs of growth as favourable weather conditions spurred vigorous agricultural activity. The corresponding indicator was markedly up by 2.3%. As for manufacturing activity in the country, it improved by 1.8%.
Amid such upbeat statistical data, the Reserve Bank of New Zealand upgraded the economic outlook for 2012.
Meanwhile, upward dynamics was also demonstrated by the national currency of New Zealand. In Thursday’s trading session, the kiwi ticked up by 100 points and came to cost 80 US cent.
However, downside risks to unleashed economic growth remain due to high housing prices.