A note from Westpac has revealed which industries are tipped to lead New Zealand’s economic recovery. Construction, publishing and advertising top the list of most pro-cyclical sectors and, according to the economists, are likely to be the best performing over the next couple of years.

The construction sector is expected to grow strongly, especially within industries related to non-metallic minerals, wood and furniture.

Durables consumption, such as cars, whiteware and other items, also made it to the list and are expected to fare better than most. “Most of the downturn in consumption in the recession was in the durable goods category. Improvement in the housing market and household incomes will see the durables consumption category rebound by more than non-durables and service,” commented Westpac chief economist Brendan O’Donovan and research economist Dominick Stephens.

“With a much improved domestic economic outlook, and prospects for reasonably strong global growth, we think the sectoral economic outlook (in terms of growth) is at its best for many a year,” they added.