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GDP Result Disappointing But Historic - Cullen

"The zero March quarter gross domestic product result is disappointing, but is also three months out of date," Finance Minister Michael Cullen said today.

"Recent evidence points to an increase of growth in the next two quarters.

"The latest merchandise trade figures show exports are booming, consumer and business confidence are both in positive territory, and the Canterbury Manufacturers' Association survey out today shows average export turnover is up 34 percent on last year.

"The annual GDP result is 2.5 per cent. Most of this was driven by exports which rose a healthy 6.8 percent over the year. Goods exports were up 5 per cent, and services - including tourism - were up 12 percent," Dr Cullen said.

Ends




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