NZ Says Growth Outlook Solid

A combination of strong net migration, tourist inflows and improving rural sector income points to a continued solid outlook for the New Zealand economy, as detailed in the latest NZIER Quarterly Predictions, voxy.co. reported. “We expect annual growth in the New Zealand economy to track around 3% on average over the next five years”, said Senior Economist Christina Leung. “Strong population growth and tourism activity is supporting a ramp-up in construction activity, with robust demand for residential construction and new hotel developments and office space. Capacity pressures are evident in the construction sector, but labor shortages are being alleviated by migration.”