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Home > Country Profiles > New Zealand

Country Profiles

New Zealand - Economy

Whitaker's Almanack Version

Financial Outlook

The economy grew strongly in 2013, fueled by strong demand for dairy products from Asia and a construction boom driven by the need to rebuild after a series of earthquakes in 2010 and 2011. In the third quarter of 2013 the economy grew by 3.5% from a year earlier, a good deal faster than many other developed economies, including neighboring Australia. New Zealand benefited from a 48% rise in dairy prices in 2013, which increased the country’s terms of trade to a 40-year high. Business confidence hit a 20-year high in the final quarter of 2013 and employment is picking up. In January 2014, HSBC estimated growth at 3% in 2013 and forecast that the economy would grow 3.4% in 2014, the fastest pace since 2007 and well above trend growth of 2.5%. The central bank tightened rules around home loans in October 2013 and was likely to begin increasing rates in 2014 from an all-time low of 2.5%. The unemployment rate fell from 6.2% in the third quarter of 2013 to 6% in the last quarter, much lower than in other developed markets.

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Further reading on New Zealand


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