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19.03.2015 13:43

New Zealand's economy rises 3.3% in 2014, the fastest pace since 2007

Statistics New Zealand released it GDP data on Thursday. New Zealand's GDP rose 0.8% in the fourth quarter, in line with expectations, after a 0.9% gain in the third quarter. The third's quarter figure was revised down from a 1.0% rise.

On a yearly basis, New Zealand's GDP climbed by 3.5% in the fourth quarter, after a 3.2% rise in the third quarter.

In 2014 as a whole, New Zealand's economy climbed by 3.3%, the fastest pace since 2007.

Retail trade and accommodation rose 2.3% due to higher tourist spending, while New Zealand's household spending climbed 0.6%.

Rental, hiring, and real estate services added 1.2 percent in Q4.

Real estate services were up more than 20 due to higher house sales.

Banking activity rose due to a 1.1% increase in financial services, while housing investment climbed 5.2%.

Manufacturing activity surged 1.0%. Food, beverage, and tobacco manufacturing increased 1.5%.

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