We expect 2015 to be another year of solid growth in the New Zealand economy. A 3.4% expansion, to be precise, following the 3.2% we estimate for calendar 2014 (albeit slowing in 2016/17). Fundamentally, the economy still feels like it’s on the up, with broadening impetus by way of region and industry. The curiosity is that it has not generated the sort of inflation one would normally anticipate.
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