Kiwi GDP improves to 5.6% after dairy boost

New Zealand’s GDP grew at an annual rate of 5.6 percent in the third quarter, up 3.5% year on year. The September quarter was the strongest in nearly four years, driven by a 17% increase in agricultural output as farmers recovered from drought. International dairy prices have also been robust. New Zealand’s economy relies on dairy farming. A survey released this week by the ANZ bank indicated that business optimism is at a 15-year high and farming confidence is at a 19-year high. The government is predicting it will turn around years of deficits and begin posting fiscal surpluses in the year beginning July 2014. – SAPA-AP