GROWTH BECOMING MORE BALANCED

Statistics New Zealand Gross Domestic Product figures released today show growth in the economy is becoming more balanced and sustainable, Treasurer Winston Peters said today.

The figures showed export growth was up while import growth was down. GDP growth of 0.7 per cent in the December quarter and 2.7 per cent for the year were above market expectations (0.3-0.4 per cent and 2.0-2.3 per cent).

Mr Peters said growth during the December quarter, which included the election and coalition negotiations, was heartening.

"The Government is taking a cautious approach, but the GDP figures show the economy bottomed in September with annual growth at a respectable 2.5 per cent."

He said the latest figures also showed the Government's confidence in Treasury projections was justified.