Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


NZ economy continues to grow

Hon Bill English
Minister of Finance

21 March 2013
Media Statement
NZ economy continues to grow

The economy recorded a lift in growth in the December quarter, consistent with a broad improvement in activity and confidence, Finance Minister Bill English says.

Gross domestic product grew 1.5 per cent in the three months to 31 December, 2012. This took annual growth – from the December quarter 2011 to the December quarter 2012 - to 3 per cent.

“We had had a slightly softer September quarter so it is pleasing to see that growth picked up again in the final quarter of 2012,” Mr English says.

“Indications are that growth will continue this year as consumer and business confidence rises. A lift in household spending signals that people are feeling more secure and optimistic.

“We are also seeing a pick-up in construction activity beyond the re-build in in Christchurch and which will flow-through to other parts of the economy.

“We are on track for 2-3 per cent-plus growth over the next few years though internationally the problems of high debt and low growth remain and, at home, the impact of the drought is very likely to temper overall growth in the economy.

“Those factors make it important for the Government to continue to focus on its Business Growth Agenda initiatives aimed at improving New Zealand’s productivity and competitiveness as a way of fostering job growth and lifting wages.

“As we have previously noted, New Zealand is still performing better than most other OECD countries. New Zealand’s GDP growth of 3 per cent in 2012 compares with 1.6 per cent in the US, 1.1 per cent in Canada, 0.4 per cent in Japan, 0.3 per cent in the UK and -0.9 per cent in the Euro area.

“We expect our growth to continue as the Government retains tight control of its spending, households and businesses pay down debt, and very low interest rates and low inflation continue their long run.”


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

Royals: The Prince Of Wales And Duchess Of Cornwall To Visit

Prime Minister John Key welcomes today’s announcement that the Prince of Wales and The Duchess of Cornwall will visit New Zealand in November. This will be the second joint visit for Their Royal Highnesses to New Zealand. More>>

ALSO:

Tracey Martin Replaced: Ron Mark Is New New Zealand First Deputy Leader

Clayton Mitchell was the successful candidate for the Associate Whip position. Winston Peters was re-elected as Leader by the Caucus. Ron Mark was elected as the Deputy Leader with effect from 10am, Friday, 3rd July. More>>

ALSO:

Rebuild Rebrand: "Regenerate Christchurch" To Replace CERA

The regeneration of Christchurch will be the city’s focus for the next five years as local leadership progressively takes control of the rebuild, Canterbury Earthquake Recovery Minister Gerry Brownlee says. More>>

ALSO:

Nauru: Scholars Urge Minister To Act On Deteriorating Democracy

“Since the 2013 election in Nauru, there has been a series of disturbing developments on the islands that indicate a severe deterioration in the state of its parliamentary democracy and in the rule of law,” say the scholars. More>>

ALSO:

Foreign Affairs: NZ Begins Presidency Of UN Security Council

Prime Minister John Key has welcomed the start of New Zealand’s month-long Presidency of the United Nations Security Council in New York. More>>

ALSO:

Labour: Cash For Charter Schools, Mould For State Schools

“Recently released financial statements show the Whangarei charter school He Puna Marama received $3.9 million in government funding to the end of last year. Yet their audited accounts show they only spent $1.4 million on education, leaving almost $2.5 million over two years unaccounted for." More>>

ALSO:

Kiwirail Plans Shift From Electric: National Urged Not To Take Backwards Step

The National Government shouldn’t drag New Zealand backwards by replacing its climate friendly electric trains with carbon-polluting diesel trains, the Green Party said today. More>>

ALSO:

Capital Connection:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news