Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

More balance in the economy needed to ensure strong growth

More balance in the economy needed to ensure strong growth in incomes of working people

Source: CTU

"Sustainable increases in our incomes depends on more being produced for every person in New Zealand and from every hour worked, but increases are weak according to the Gross Domestic Product (GDP) statistics out today," says Bill Rosenberg, CTU Economist.

"Per person, production (GDP) increases were only 0.1 percent in the three months to March and 0.5 percent over the year. Per hour worked, production went backwards - over the three months to March it fell 0.2 percent, and rose only 0.5 percent over the same period last year. These are a poor basis for wage improvements," says Rosenberg.

"We are also seeing weak exports, production from manufacturing shrinking in three of the last four sectors and increasing only weakly over the year (1.4 percent), and overall increases dependent on construction and care for our aging population. Household spending is increasing more slowly than the rest of the economy.

"We need a more balanced economy if we want sustainable and increased incomes," Rosenberg says.

ENDS

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.