27 June 2003 Media Statement

Cullen on GDP result

The latest GDP figures are “bang-on” with budget forecasts and reinforce confidence in the budget growth track, Finance Minister Michael Cullen said.

He was commenting on the March GDP results, showing growth in the quarter of 0.6 per cent and an annual growth rate for the March year of 4.3 per cent.

“The quarterly result, although strong, is lower than in the previous two quarters which recorded increases of 0.8 per cent and 0.9 per cent respectively.

“This is consistent with the Treasury growth profile, which has the economy entering a slow down,” Dr Cullen said.

The budget forecasts growth slowing to 2.2 per cent before rebounding to 3.2 per cent in 2004-05.

ENDS

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