Fitch's forecasts include an expectation NZ's vaccine rollout will be slow and further disruptions and closures as a result of new covid-19 cases will keep the economic recovery tentative.
But the carrot comes with a note of caution that tourists will have to pay more to cover the environmental cost of their stay.
Seven out of 16 industries were weaker in the December quarter.
The high price is good news for the NZ economy but not Fonterra's bottom line.