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December 2013

The outlook for the New Zealand economy remains positive with economists predicting GDP growth in the 3-4% range for 2014 driven by strong terms of trade with buoyant dairy prices, the forthcoming Christchurch rebuild and improving general economic conditions particularly in construction. Global equity markets including our own NZX had a very positive year in 2013 as the recovery from the global financial crisis continued and anticipated growth into 2014 became relatively fully priced into shares.