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

 


Growth continues despite drought

20 June 2013

Growth continues despite drought

Gross domestic product data for the March quarter shows the New Zealand economy continues to grow despite the impact of the nationwide drought.

“This confirms New Zealand is on the right track, in line with Budget forecasts of economic growth, more jobs, rising wages and a return to fiscal surplus in 2014/15,” Associate Minister of Finance Jonathan Coleman says.

Gross domestic product grew 0.3 per cent in the three months to 31 March, following better than expected 1.5 per cent growth in the December quarter. This took annual growth – from the March quarter 2012 to the March quarter 2013 - to 2.4 per cent (or 2.5 per cent on an annual average basis).

“Supported by the Government’s economic programme, the New Zealand economy is now performing favourably against most developed countries,” Dr Coleman says.

New Zealand’s growth compares with 2.5 per cent in Australia, 1.8 per cent in the US, 1.4 per cent in Canada, 0.2 per cent in Japan, 0.6 per cent in the UK and –1.1 per cent in the Euro area.

“The nationwide drought had a significant effect on growth, with agriculture, forestry and fishing reducing GDP by 0.3 per cent in the quarter,” Dr Coleman says.

“However, indications are that momentum will continue this year driven by rising consumer and business confidence, and a lift in construction. The increase in household spending signals that people are feeling more secure and optimistic.

“As the Budget forecasts show, we are on track for 2.5 to 3 per cent-plus growth over the next few years. This is supporting job growth and higher wages, along with the Government’s target of returning to surplus in 2014/15.

“With the economy on the right track, the Government will continue supporting businesses through its Business Growth Agenda aimed at improving New Zealand’s productivity and competitiveness as a way of fostering job growth and lifting wages.”

ends


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

22/2: Christchurch Quake Memorial To Be Unveiled

A city, a region, a nation and an international community impacted by the Canterbury Earthquakes will come together tomorrow to mark the sixth anniversary of the deadly quake and dedicate Oi Manawa Canterbury Earthquake National Memorial.

The Canterbury Earthquake National Memorial Dedication and Civic Memorial Service starts at 12 noon tomorrow, February 22, at the Memorial site on the Ōtākaro/Avon River, in the area bordered by the Montreal Street Bridge, Durham Street, and Cambridge and Oxford Terraces. More>>

 

Gordon Campbell: On The Mana-Maori Party Deal

If the self-interest involved wasn’t so blatant, the electorate deal between the Maori Party and Hone Harawira would be kind of poignant. It’s a bit like seeing the remaining members of Guns’n’Roses or the Eagles back on the road touring the nostalgia circuit… playing all the old hits of Maori unity and kaupapa Maori politics. More>>

ALSO:

Private Provision: First Social Bond To Focus On Mental Health

New Zealand’s first social bond will help around 1700 people with mental illness into work, Finance Minister Steven Joyce and Social Investment Minister Amy Adams say. More>>

ALSO:

Megaupload Case: High Court Rules Dotcom, Co-Accused Eligible For Extradion

Internet entrepreneur Kim Dotcom and his three co-accused are eligible for extradition to the United States, New Zealand's High Court ruled... Justice Murray Gilbert upheld a decision by the District Court that there were grounds for Dotcom, Mathias Ortmann, Bram van der Kolk and Finn Batato to be extradited. More>>

ALSO:

PREVIOUSLY:

Immigration: Short Reprieve For Nine Indian Students

A temporary hold on deportations of nine Indian students is a step in the right direction but the Government urgently needs to implement safeguards to stop further injustices to more international students, the Green Party says. More>>

EARLIER:

Port Hills Fire: Midday Update, Monday 20 February

• 9 homes destroyed
• 2 homes with partial damage. Damage includes things like cracked windows, heat damage.
• 3 properties with damage to other external structures e.g sheds or outbuildings More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news