Perhaps the numbers had the boffins at Stats NZ scratching their heads and rechecking their figures as well, as the data release was well behind the original schedule. The ASB research and economics team says the strength of growth is particularly astonishing given the extent of economic disruption in Christchurch as result of the February earthquake. The surprise was amplified by 0.3 percentage point upward revision to the previous quarter.
“This represents significant shift in how the economy looks: the regaining of momentum has kicked in faster and stronger than anticipated. Furthermore, recent business confidence surveys imply the momentum in the underlying economy has continued through the second quarter of 2011.”
• Read the full ASB report.
