| Business News | Monday July 16 2012 5:00
The sun is starting to shine again on New Zealand's economy.
ASB Bank has just released its Quarterly Economic Forecast.
Chief Economist Nick Tuffley says internationally the Eurozone debt crisis and political uncertainty has clouded the global economic outlook.
But he says at the same time, New Zealand's economy is gradually improving.
"Very strong GDP data in the first quarter and now starting to see signs that the rebuild in Canterbury is really starting to get underway, and the housing market continues to strengthen."
Mr Tuffley says retail spending also continues to grow.