Tuesday, 31 October 2000 Media Statement

Survey results unsurprising - Cullen

"The National Bank survey showing a decline in confidence last month is to be expected given recent exchange rate and petrol price volatility," Finance Minister Michael Cullen said today.

"However a net 38.5 percent overall, and a net 48 percent of manufacturers, are expecting real exports to increase over the next 12 months.

"This is consistent with the results of the September Canterbury Manufacturers' Association survey, out late last week, showing average export turnover had increased 13.5 percent since September last year.

"Over time, the export recovery will feed back into the domestic economy. That is why the Treasury and most private sector forecasters are still relaxed about the medium term economic outlook," Dr Cullen said.

ENDS

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