21 December 2001 Media Statement

GDP steady - Cullen

Finance Minister Michael Cullen said the September growth figure was broadly in line with market expectations and reflected the winter power crisis.

Gross domestic product rose 0.2 percent over the quarter and 2.1 percent over the September year.

“The quarterly movement was relatively modest but was coming off a high base because it followed a large 1.8 percent increase in the June quarter,” Dr Cullen said.

He said recent surveys showing a rebound in both business and consumer confidence pointed to a stronger December increase.

ENDS

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