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

Urgent Bill Planned:
MP Pay Rises To Match Public Service

Prime Minister John Key today announced an overhaul of the Remuneration Authority Act, tying MP salaries to those of the wider public sector, which will be passed under urgency.

Mr Key says the decision was made after the Remuneration Authority’s latest determination which saw the total remuneration received by MPs increased by about 3.5 per cent...

The new legislation will be backdated to 1 July 2014, meaning the pay increase outlined in the latest determination will not be awarded. More>>

 

PARLIAMENT TODAY:

PM's Press Conference: MP Pay Rises, Solid Energy, Iraq

Prime Minister John Key answered questions in his Post-Cabinet press conference about the Iraq deployment, Solid Energy and National’s decision to overhaul the Remuneration Authority Act. More>>

ALSO:

Worksafe: MSD Charged Over Work And Income Ashburton Shooting

WorkSafe NZ has laid one charge against the Ministry of Social Development (MSD) in relation to the shooting at the MSD Ashburton office on 1 September 2014 in which two Work and Income staff were killed and another was injured. More>>

ALSO:

Iraq: Ex-Hostage Says Government Not Putting NZers, Iraqis First

Harmeet Singh Sooden is travelling to Iraq in the coming weeks to work with Christian Peacemaker Teams (CPT) on a short-term assignment. More>>

ALSO:

Joint Statement: Australia-New Zealand Leaders’ Meeting

Prime Minister Key warmly welcomed Prime Minister Abbott and Mrs Abbott to New Zealand. The visit has enabled wide-ranging and substantive discussion that has underlined the strength, value, diversity and warmth of our trans-Tasman relationship. More>>

ALSO:

Press Conference: Peters To Stand In Northland By-Election

New Zealand First Leader Winston Peters has announced his intention to stand in the Northland by-election, citing his own links to the electorate and ongoing neglect of the region by central government. More>>

ALSO:

Gordon Campbell: On The Wage Hike For MPs (and Paul Robeson)

Hard to tell what is more infuriating. Is it the 5.3% increase on the already bloated salaries of MPs, or their pantomime of outrage at being gifted with such a wonderful back-dated bonanza? More>>

ALSO:

No Designers Or Visual Artists: Flag Panel Members Announced

The Government has appointed 12 New Zealanders as members of the Flag Consideration Panel which will engage with the public about a possible new New Zealand flag, Deputy Prime Minister Bill English says. More>>

ALSO:

Labour MP Stands Down From Portfolio: Comment From Carmel Sepuloni

The first I knew of my mother’s charges was when I was called by a reporter yesterday. I spoke to Andrew and we agreed there is a conflict of interest at the present time which means I will temporarily stand aside from the Social Development portfolio. It’s the right thing to do… . More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news