As expected, the New Zealand economy ended 2014 on as strong a note as it began. GDP rose by 0.8% in the December quarter, which was a touch higher than the forecast, but was accompanied by a slight downward revision to …
As expected, the New Zealand economy ended 2014 on as strong a note as it began. GDP rose by 0.8% in the December quarter, which was a touch higher than the forecast, but was accompanied by a slight downward revision to the September quarter.
The annual average growth rate topped the 3% mark for the first time since December 2007, just before the Global Financial Crisis reached full force.
Westpac notes...
We'd take today's figures as a fair representation of how the economy has been tracking: growth of 0.8% a quarter, or more than 3% annually, would be above anyone's estimate of the economy's long-run potential growth rate.
A continuation of this pace of growth would eventually put a strain on the nation's resources and, one could reasonably expect, lead to higher wage and price inflation.
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