Despite a devastating earthquake in the first quarter of the year New Zealand’s economic growth has accelerated. As per the official figure it is shown that there is 0.8% rise in domestic products, the fastest pace more than a year.

As per the new in against the US dollar the New Zealand dollar has hit 30 year high. It is seen that there is rise in the growth despite the fact that the country’s second biggest city which is Christchurch was hit by an earthquake of 6.3 magnitudes in February.  According to analysts due to this strong figure the prospect of rise in interest rate has come forward.

Now the statistical office has also revised the figure of 4th quarter gross domestic products of 2010 from 0.2% to 0.5%. It also emphasized on the view that the economy was proved to be robust.

An economist at Goldman Sachs, Philip Borkin said the result is quite remarkable given the circumstances. He also added “It clearly shows that the disruption to the economy from the earthquake was less than expected, and the economy was really honking along in the first three months of the year.”

There is a rise of New Zealand dollar of $0.8490 against the US dollar.