New Zealand's economy is expected to see more moderate growth over the next three or four years, mainly due to weak global developments, Finance Minister Bill English said Thursday.
"We are making good progress and the outlook is for further moderate growth over the next three or four years," English said upon the release of the June quarter GDP data.
According to official data released today, GDP rose 0.6 percent sequentially in the second quarter following 1 percent expansion in the first quarter. However, this took annual growth rate to 2.6 percent, the highest rate since 2007.
The data issued confirmed the economy posted solid and broad-based growth in the first half of 2012, despite ongoing challenges in many parts of the world, English said. The 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."
The government will continue with its wide-ranging economic program to improve New Zealand's long-term competitiveness. It will now focus on growth that is sustainable and built on higher savings and earnings, rather than consumption and debt, he added.
by RTT Staff Writer
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