At the start of 2014, HSBC identified rising dairy prices, a housing boom and construction spending around the Canterbury rebuild as being the three factors driving New Zealand's "rockstar" economy.
But 20 months on the picture appears a little different.
Dairy prices have dropped to a five-year low, Auckland housing market is out of control and economic growth has slowed.
But despite all that, New Zealand last year had the fastest-growing economy in the OECD, says HSBC economist Paul Bloxham.
"In 2014, this was a rockstar economy… we never pitched that it would be perpetual," he told the Paul Henry programme.
"Things have slowed down a bit into 2015, but it's not a disaster, the economy's still growing."
Watch the video for the full interview with Paul Bloxham.
