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Construction drives New Zealand's economic growth to 3.8 percent, fastest clip in 6 years
Reported by: Associated Press
Reported: Wednesday, June 18, 2014 10:41 PM EDT
WELLINGTON, New Zealand
New Zealand's economy in the first quarter grew 3.8 percent, the fastest annual rate in more than six years.
Home building activity was up by 31 percent in Christchurch and 12 percent elsewhere.
Exports were up 3.1 percent while household spending was flat.
New Zealand's growth has been stronger than in most developed nations, including Australia, the U.S. and Europe. That has prompted the country's central bank to hike interest rates on three occasions this year to 3.25 percent.