As the global economy continues to achieve sluggish growth, New Zealand is expected to continue to perform well in 2017. Standard and Poor's affirmed New Zealand's AA foreign currency and AA+ local currency sovereign credit rating with a stable outlook, saying the economy's solid growth looks set to continue and the Crown's fiscal management remains prudent. The Reserve Bank of New Zealand cut interest rates repeatedly in 2016 to support inflation and economic growth. The New Zealand economy has seen impressive growth over the past year.

As New Zealand's economy shows strong growth, Building and Construction Minister Nick Smith said the figures showed building activity was at a record high, topping 19 billion NZ dollars (13.69 billion USD) for 2016 after five straight years of strong growth.

"This is the longest and strongest growth phase in building activity in New Zealand history. It involves record levels of investment in homes, commercial buildings and infrastructure,"

Smith said.