New Zealand's back on the road to financial recovery, according to new reports.

The latest Stats NZ data shows the economy contracted 0.5 percent in the year to September.

But it's grown 1.1 percent - faster than expected - in the last quarter.

Infometrics Principal Economist Brad Olsen says we're effectively returning to where we once were.

"Momentum is starting to build, but it's building from a weak spot. So we're certainly not saying that the economy is completely back, but it is on a better track."

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