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NZ's ability to withstand global downturn

28 September 2001 Media Statement
Strong GDP result underlines NZ's ability to withstand global downturn

"The 2 percent GDP growth in the June quarter puts New Zealand in a strong position to ride out a period of global economic uncertainty," Finance Minister Michael Cullen said today.

"Although the economic outlook has changed as a result of the terrorist attacks in the US, the figures showed that the economy was in a strong position going into this period of uncertainty and provides New Zealand with extra comfort as we navigate our way through the coming months.

"Particularly welcome is the is widespread nature of the growth. Most industries recorded increases with the manufacturing sector leading the way with a 4.8 percent rise in activity.

"Quarterly figures tend to bounce around in a volatile fashion. The growth in the June quarter means that the annual growth rate to 30 June 2001 was 3.5 percent, slightly ahead of market and Treasury forecasts.

"The major effects of the world uncertainty won't become apparent until the December and March quarters but I feel confident that New Zealand will be better able to cope, coming as we are off a solid economic base," Dr Cullen said.


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