Predictions for the New Zealand economy are looking "increasingly bright", with some sectors expected to bring further growth over the coming months. This is according to the ASB Quarterly Economic Forecast, which highlighted how 2014 has already got off to a positive start - and the optimism isn't expected to stop there. Growth is predicted to be much broader and stronger than last year, reaching 3.5 per cent over the course of 2014. One of the standout performers of the New Zealand economy is expected to be construction, especially in areas such as Auckland and Canterbury. Its growth will, however, benefit other sectors as other services are needed to support the industry. Meanwhile, inflation is expected to lift over the next couple of years, meaning the low interest rates of the past five years will no longer be sustainable. The group forecasts the official cash rate will reach 4 per cent by the end of 2015 through a series of slight increases, which those with an interest in business accounting software will need to be aware of. "The cliche of the central banker is to 'take away the punch bowl just when the party is getting good'. "The gradual nature to date of the economic pick-up means that some people may still feel that they missed out on their party invite," the report read. However, ASB highlighted that central banks have learnt their lesson since the onset of the global financial crisis, meaning they are keen to keep any exuberance to an absolute minimum. On the other hand, there is the risk of the party coming to an end before it really gets started, so the Reserve Bank of New Zealand faces a very difficult balancing act over the coming years. For the moment, the bank needs to take a "measured approach" to raising interest rates for the good of the wider economy.