Like its rugby team, New Zealand’s economy is hard to stop

By Matt Phillips
AP Photo/Ross Setford
New Zealand has built up some serious momentum.

New Zealand’s economy continues to surge, despite a historically strong Kiwi dollar that should act as a drag on its dairy-based export economy. The antipodean island nation’s gross domestic product rose 1% during the first quarter. The economy rose 3.8% from the prior year, the largest jump since 2007.


And the aforementioned rise in the value of the currency didn’t stop exports from rising 3.1%. But the real action was in construction, which surged 12.5% quarter-on-quarter, the largest jump in 14 years. (Much of the building boom is centered around the city of Christchurch and the Canterbury province, which bore the brunt of the devastating earthquakes in 2010 and 2011.)