The Reserve Bank's outgoing Governor says New Zealand's economy may be doing better than we realise.

The central bank has cut the OCR 25 basis points today - to 2.25 percent.

Christian Hawkesby says the economy already appears to be recovering from this year's downturn.

He says what's unclear - is its pace.

"The recovery could be faster and stronger than we expect, because we have cut interest rates a long way and it could really start coming through quite quickly."

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