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Economy Transformed - To A Standstill

Today's GDP result, showing no economic growth whatsoever for the March quarter, confirms the economy is being transformed in the wrong direction National's Finance spokesman Bill English said today.

"New Zealand's economic sprint has been transformed into a crawl," Mr English said.

"With conditions so good for growth - a low dollar, high commodity prices - how is it that the economy went absolutely nowhere in the March quarter?

"Over the five quarters since the Government came to office the economy has grown by just 1.8%. The domestic part of the economy has contracted in four of the last five quarters.

"Dr Cullen and the Treasury take a positive view about the economy over the next year. For the last 18 months they have overestimated the health of the economy.

"The government's economic reputation has ridden on the forecasts rather than the actual performance of the economy. However today's figure confirms that the economy is not delivering on the Government's promises," Bill English said.

Ends


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