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GDP figure good sign - quality of growth important

MEDIA RELEASE

21 December 2000


MEDIA RELEASE

21 December 2000


GDP figure a good sign but quality of growth important- CTU

“The quarterly increase of 0.7% of GDP shows that the economy is in reasonable shape,” said Council of Trade Unions economist Peter Conway today.

“The GDP figures confirm that the business sector criticisms of Government policy were more political than real.

“However the outlook is not so rosy that an increase by the Reserve Bank in the official cash rate on 24 January would be justified. There is no evidence of strong domestic demand, and there are early signs of a weaker global outlook.”

Peter Conway said that, although the CTU welcomed the GDP figures, workers were hoping for a sustained period of growth that could deliver quality jobs and rising incomes.

“This would be in contrast to the type of growth we have had at times in the last decade which has been on the back of poor quality jobs and debt-based consumption. This means that it is the quality as much as the quantity of growth that matters in the long run,” he said.


For further information contact Peter Conway 04 8023816, 025 939 748, or 04 383 9803 (h)

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