Despite the devastating Canterbury earthquake on 22 February, the economy grew by 0.8 per cent in the March quarter amid signs that the pace of the recovery is picking up, Finance Minister Bill English says.

Statistics New Zealand today confirmed gross domestic product (GDP) has grown in seven out of the past eight quarters. The latest result took GDP growth to 1.5 per cent in the year to March 31.

The March quarter growth was 1.1 per cent higher than Treasury's Budget forecast. Statistics New Zealand also revised growth upwards in the previous three quarters.

“It’s pleasing to see growth picking up pace, after a difficult few years going right back to the domestic recession that started in early 2008,” Mr English says.

“The earthquake in February was devastating for the people of Canterbury and caused major disruption to the region's economy, especially coming so soon after the previous large earthquake in September. Today's result shows the resilience of Cantabrians and the New Zealand economy as a whole.

“The Government has moved swiftly to provide financial certainty for rebuilding Canterbury, and this will have a positive impact on the economy as this work gets underway.

“The rebuild, along with near record commodity export prices, interest rates at 40-year lows, improving business and household confidence, lower household debt and the upcoming Rugby World Cup, give us confidence in the outlook for New Zealand’s economy.

“We’re also confident this recovery will be built on a sound platform of higher savings, exports and productive investment, rather than the excessive borrowing, consumption and government spending of much of the past decade.

“That will remain the focus of the Government’s economic programme,” Mr English says.

ⓒ 뉴질랜드 코리아포스트(http://www.koreapost.co.nz), 무단전재 및 재배포 금지