Forestry helps economy grow in New Zealand

Thursday, March 21, 2013

The New Zealand economy grew at the fastest quarterly pace in three years in the tail end of last year as demand for forestry exports underpinned gains in the primary sector.

Gross domestic product grew 1.5 percent to $36.81 billion in the three months ended December 31, from a 0.2 percent pace in the September period, according to Statistics New Zealand. That is almost twice the 0.8 percent pace of expansion predicted by the Reserve Bank in its latest forecasts published last week and the fastest pace since December 2009.