New Zealand’s economy grew at the fastest pace in 10 years in the second quarter, outperforming most major developed markets as the country prepares to hold an election this weekend.
Gross domestic product increased 3.9 percent from a year earlier, the strongest growth since the second quarter of 2004, Statistics New Zealand said in Wellington today. That beat the 3.8 percent median forecast in a Bloomberg News survey of 10 economists. GDP rose 0.7 percent from the first quarter.
Prime Minister John Key is seeking a third term at an election on Sept. 20, pledging sound economic management, budget surpluses and modest tax cuts in 2017. The main opposition Labour Party says the nation faces slowing growth as falling global dairy prices and an over-valued currency curb farm incomes and exports.
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