New Zealand has weathered the global recession better than most, primarily thanks to high demand for its primary production - particularly dairy products - and the positive effects of the reconstruction of Christchurch following the 2011 earthquakes. Unemployment in 2014 averages 6%, down from 7% two years ago, and economic growth for the year to June is estimated at about 4%. Inflationary pressure is expected to increase and the Reserve Bank of New Zealand has begun increasing the official cash rate, the interest rate set by the central bank, most recently to 3.25% in June.
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