WELLINGTON, March 24 (Reuters) - The New Zealand economy is rebalancing and there are reasons to be optimistic about the outlook despite the subdued performance in the second half of 2010, Finance Minister Bill English said on Thursday.
Earlier official data showed gross domestic product grew 0.2 percent in the three months to December 2010, slightly above market expectations, following a contraction in the third quarter.
'Looking ahead, there are reasons to be optimistic about growth picking up later this year - despite the devastation and considerable disruption of the second earthquake in Christchurch last month,' English said in a statement.
'New Zealand's commodity export prices remain around record levels, interest rates and inflation are relatively low, the rebuilding of Christchurch will provide a boost to the regional and national economy, and the Rugby World Cup will attract tens of thousands of visitors,' English said.
(Reporting by Adrian Bathgate) Keywords: NEWZEALAND ECONOMY/FINMIN (Adrian.Bathgate@thomsonreuters.com)(+64 4 471 4233)(Reuters Messaging: adrian.bathgate.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Earlier official data showed gross domestic product grew 0.2 percent in the three months to December 2010, slightly above market expectations, following a contraction in the third quarter.
'Looking ahead, there are reasons to be optimistic about growth picking up later this year - despite the devastation and considerable disruption of the second earthquake in Christchurch last month,' English said in a statement.
'New Zealand's commodity export prices remain around record levels, interest rates and inflation are relatively low, the rebuilding of Christchurch will provide a boost to the regional and national economy, and the Rugby World Cup will attract tens of thousands of visitors,' English said.
(Reporting by Adrian Bathgate) Keywords: NEWZEALAND ECONOMY/FINMIN (Adrian.Bathgate@thomsonreuters.com)(+64 4 471 4233)(Reuters Messaging: adrian.bathgate.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.