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Provincial New Zealand joins the ‘rock star’ economic band

Media Release

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26 February 2014

Provincial New Zealand joins the ‘rock star’ economic band

Federated Farmers believes ANZ’s Regional Trends confirms that provincial New Zealand is directly benefitting from our primary success story.  This follows CNBC highlighting primary as a key element in New Zealand status as an economic ‘rock star’.

“You could say that provincial New Zealand is getting on the tour bus given what ANZ’s Regional Trends is telling us,” says Bruce Wills, Federated Farmers President.

“While we’ve still got a long way to go, I think many Kiwis are starting to see the light at the end of the economic tunnel. 

“Only last week did the Ministry for Primary Industries project upwards, by $4.9 billion, New Zealand’s primary exports forecast for 2013/14.  That’s now expected to be some $36.4 billion this 2013/14 season.

“The Northland economy achieved its best economic performance in nine years with the primary industries being a key contributor.

“New Zealand’s other best performing region in the final quarter of 2013, the West Coast, can look to its primary base as a key reason.

“The two regions which turned in the worst quarterly percentage change are dominated by cities which give those regions their name; Wellington and in last place, Auckland.

“While that picture reverses for year-on-year economic activity, the fact is rural New Zealand at 3.6 percent is not being left in the shade versus the cities average growth of 4.9 percent. 

“It must also be remembered that warehousing, processing and logistics means the cities have a massive stake in our success as the primary world’s ‘lucky country.’.

“While the Christchurch rebuild is acting like an economic super charger for Canterbury, that fact shouldn’t mask the massive contribution rural makes to its economy.

“Overall, ANZ’s Regional Trends tells me that we’re getting into a good economic space and our primary industries doing their bit for New Zealand,” Mr Wills concluded.

ENDS

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