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New Zealand economic growth 'solid': Finance Minister
[WELLINGTON] New Zealand's economy grew 0.8 per cent in the final three months of 2014, expanding across the board in a "solid" and sustainable performance, Finance Minister Bill English said Thursday.
The quarterly data, which came in slightly higher than market expectations of a 0.75 percent expansion, took growth for calendar 2014 to 3.3 per cent, Statistics New Zealand (SNZ) said.
SNZ said the retail and accommodation sectors were standout performers in the December quarter, driven by higher spending from international visitors.
"Retail and accommodation increased 2.3 per cent in the December 2014 quarter, buoyed by a 15 per cent increase in international tourist spending," it said.
"New Zealand household spending also increased 0.6 per cent." Mr English said New Zealand's farm-reliant economy was outperforming OECD heavyweights such as Britain, Australia and the United States.
"The good news about New Zealand's economic growth is that it has proved to be consistent and sustainable, which is contributing to confidence about hiring and investment," he said.