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September 8, 2009

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Home » Business » Economy

New Zealand may be pulling out of recession

NEW Zealand's economy may have resumed growing nearly two years after it slid into recession and was then hammered by the global slowdown, Prime Minister John Key said yesterday.

Key said he believed the economy would expand in the three months to the end of September, and that growth would accelerate after that as the world recovers from the financial crisis.

But the rebound is fragile and "we are not completely out of the woods yet," said Key.

One sign of recovery was a 55 percent increase in prices for dairy products in the past two months. Dairy exports are the country's biggest foreign earner after tourism.

The Treasury Department said a small decline in gross domestic product in the April-June quarter is likely to represent the last quarter of contraction in the current recession. Retail sales increased 1.1 percent in the June quarter, the first quarterly increase for a year, Treasury said.


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