The National Bank is expecting economic growth to continue but at a more moderate pace than in recent months.
The bank's latest regional trends survey shows nationwide economic activity rose 0.9% in the three months to March - the fourth consecutive quarterly rise.
That takes the annual rise to 0.1% - the first positive result since September 2008.
National Bank economist Steve Edwards says a massive surge in employment, a boost in business confidence and the continual rise of commodity prices have bolstered economic activity recently.
The North Island posted a 1% rise in economic activity during the quarter, while the South Island recorded a more modest 0.4% lift.
