The prophets of doom won't like this; the Herald reports:
The New Zealand economy grew at its fastest quarterly pace in five years as good weather stoked milk production, and led to greater dairy manufacturing. The kiwi dollar surged to above 80 US cents after the figures were released.Gross domestic product grew 1.1 per cent to almost $35 billion in the three months ended March 31, the fastest quarterly pace since March 2007, according to Statistics New Zealand. That's more than twice the 0.5 per cent pace forecast in a Reuters survey of economists and almost three times the Reserve Bank's 0.4 per cent projection.The government statistics bureau revised the three previous quarters to 0.4 per cent growth in each period, a cumulative increase of 1.2 percentage points.
This is very welcome news, althought the challenge for the government will be to see similar momentum maintained. But at a time where there has been so much negative economic news, this is a great result.
Business investment rose 2.1 per cent in the quarter, its biggest rise since December 2010, on more imports of plant and machinery and non-residential building work.
Getting people off welfare and into paid employment is one of the biggest challenges that the government faces. A growing economy will benefit us all.