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Falling exchange rate propping up New Zealand economic growth

Xinhua, September 29, 2015 Adjust font size:

New Zealand's economic growth is slowing, but was still likely to remain at about 2 percent a year, the country's main business group said on Tuesday.

Business New Zealand chief executive Phil O'Reilly said 2 percent growth was better than in many other countries, but risks remained.

"Our continued heavy dependence on China and Australia for over a third of our exports, and continuing uncertainty about China's investment slowdown are among the risks," O'Reilly said in a statement.

"However the slide in the New Zealand dollar is helping exporters; and the possibility of further interest rate cuts is positive for business."

Different sectors of the economy were experiencing different fortunes: construction and tourism were going from strength to strength, and manufacturing and services were "still trucking on," while dairy remained downbeat, despite recent price upturns.

The Reserve Bank of New Zealand said on Monday that GDP growth for the year to March 2015 was 2.6 percent. Endi