'Red hot' economy surges onward

Wednesday 7 July 2004

Record prices for beef and lamb and an eight-year high for dairy products are pushing commodity prices through the roof – while the economy is running "red hot".

By The Landlord

The improving commodity prices have come as some economists predict that the economy will keep running fast.

They expect growth of 4.5 per cent this year, then slowing next year.

If that rate of growth was achieved New Zealand would be among the faster-growing OECD economies for the third year in a row, only topped by a forecast 4.7 per cent growth in the United States.

The Kiwi economy has been sizzling for two years, without much help from exports, but they are expected to take up the economic reins from a slowing domestic sector later this year.

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