28 June 2002

“The March GDP results, showing growth of 1.1 percent over the quarter and 3.2 percent over the year, are in line with both Treasury forecasts and the market consensus and indicate an economy in good heart,” Finance Minister Michael Cullen said today.

“The growth was driven primarily by exports and by household spending which rose 1.5 percent over the quarter. Continuing high consumer confidence levels indicate that spending will remain buoyant into subsequent quarters.

“By far the biggest contributor to the growth in exports was tourism and reflects the strong bounce back in the industry since 11 September.

“But goods also contributed with a 2 percent increase,” Dr Cullen said.

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