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

 

New Research: Most Homeless People Working Or Studying

“The cost of housing has been rising without corresponding increases in income, whilst the number of state houses per capita has been in decline. Many low-income people are missing out on housing, whether we recognise them as ‘homeless’ or not. More>>

ALSO:

Post-Traynor: New Offender Info Sharing Plan

“This Bill delivers on that step-change by moving away from name-based records held by individual agencies to a shared, anchor identity based on unalterable information, such as fingerprints and facial recognition. It also gives agencies access to the drivers’ licence photo database and birth, death and marriages information." More>>

  • NZ Law Foundation - New $2M fund for research on information challenges
  • Littoral: New Ship To Deliver Enhanced Naval Capability

    Defence Minister Gerry Brownlee says the Government has approved a Ministry of Defence and New Zealand Defence Force recommendation to request tenders for a new naval ship to support littoral operations. More>>

    July:

    After King's Labour Snub: Māori Party And Kiingitanga To Work Together

    Māori Party Co-leaders Te Ururoa Flavell and Marama Fox met with Kiingitanga representatives in Wellington yesterday to discuss working together on key issues for the betterment of Māori. More>>

    ALSO:

    Waitangi Claim On Rehabilitation: The 'Justus' System For Māori Not Good Enough

    Closing statements at the Waitangi Tribunal case against Corrections called for immediate steps and a comprehensive review to address the high rate of Māori reoffending. More>>

    ALSO:

    Advice: PM Sets Rules For Ministers' Treatment Of Public Servants

    Prime Minister John Key has laid down the law about the way ministers and public servants should interact, saying ministers may not always like the advice they receive, but they must listen to it carefully, respectfully and professionally. More>>

    Gordon Campbell: On The Funding Changes In Special Needs Education, And Uber

    The plan to strip out the educational support for older “special needs” children in order to meet the existing shortfall in funding for special needs in early childhood education is so miserly and relentlessly stupid as to defy belief… More>>

    SPECIAL EDUCATION (& More):

    Online Learning Plans:

    Post Cab Presser: Inquiries And Consciences

    This afternoon the Prime Minister John Key announced that his cabinet had drafted terms of reference for the Havelock North water contamination inquiry... In response to questions on the Shop Trading Hours Amendment Bill, the Prime Minister said he didn't think allowing National MPs a conscience vote was warranted. More>>

    ALSO:

    Get More From Scoop

     

    LATEST HEADLINES

     
     
     
     
     
     
     
     
     
    Parliament
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news