Amid slow global economic recovery after the financial crisis of 2008, the New Zealand economy actually grew rapidly .
Small Pacific countries with a population of 4.5 million residents of the 3.5 % growth recorded in the third quarter from a year earlier . It's faster than other developed countries , such as neighboring Australia .
Organization for Economic Cooperation and Development ( OECD ) predicts the New Zealand economy to grow 3.3 % this year , higher than the projected growth in the United States by 2.9 % and 1.0 % for Europe .
Dairy industry is the engine of growth New Zealand , which supplies dairy products to most countries of Asia . Growth was also supported by a surge in construction to rebuild New Zealand after being hit by a series of earthquakes around four years ago .
The rapid growth of New Zealand 's make some economists predict the central bank may raise interest rates this month . New Zealand will be one of the first developed countries to tighten monetary policy since the global recession of 2008.
New Zealand has long been under the shadow of the success of the Australian economy , which is growing strongly due to supply minerals and coal to China . Although not rich in natural resources , the New Zealand economy was able to grow thanks to strong demand for the products of milk Asians .
New Zealand has 6.6 million dairy cattle and 30.9 million sheep , much more than its citizens , amounting to 4.5 million people . The New Zealand economy also grow along with the growing number of Asian consumers are turning to high-protein diet . In contrast , growth in Australia is decreasing due to weakening industrial activity in China .
New Zealand dubbed the Saudi Arabia of milk accounts for a third of total exports due to the global dairy products . New Zealand benefited from the rising prices of dairy products by 48 % in the last 12 months , which is encouraging terms- of- trade New Zealand to the highest point in 40 years . Terms- of- trade is the ratio of export prices to import prices .
In addition , because of the increased activity of the company is supported by development projects worth more than $ 30 billion in Christchurch , the second largest city in New Zealand damaged by the earthquake . The level of business confidence penetrate its highest point in 20 years in the fourth quarter of 2013, rising migration flows , and more and more people are now getting a job .
The benchmark New Zealand stock performs better than global stocks this year . The New Zealand dollar traded approaching its highest point in history against a basket of currencies .
" Investors are looking for growth , " said Nigel Scott , a stock broker at Craigs Investment Partners , Auckland .
This is an impressive achievement for New Zealand , whose economy fell into recession even before the global financial crisis . At that time , New Zealand was hit by the housing bubble fueled by easy to get credit in the early 2000s . Last year, home prices rose 10 % in New Zealand and about 13 % higher than the peak of the property market by the end of 2007 , according to data from valuation agency Quotable Value.
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