Migration and tourism accelerate New Zealand's economy

As people come to New Zealand to work and travel in record numbers, there's a change in the country's economy growth

According to Westpac's latest survey, the country's economy experiences all-time highs, due to net migration, travelers and lower interest rates.

The annual net migration hit the record of 63,700 people, while the Chinese travelers boosted tourist numbers up to 3.09 million.

"The Reserve Bank's cut interest rates and households are really taking advantage of that. They're in the mood to buy big-ticket items and that's going to be a positive development for spending over the next little while", declared Satish Ranchhod, senior economist at Westpac.

Nevertheless, economic growth has its own disadvantages. The house shortage in Auckland is beginning to be a problem for migrants. At the same time, during peak months during December and March, tourism operators are having trouble accommodating all the country's visitors.

"New Zealand's pretty full, but what effectively will happen from our perspective [is that there will start to be a] move into the shoulder periods, and hopefully we'll start to get really a strong, all-year-round tourism market in New Zealand", Ngai Tahu Tourism chief executive Quinton Hall explained, while encouraging foreign tourists to visit the country in extra-season months too so that the country could cope with the huge visitor numbers.