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

 


NZ maintains steady economic growth

Hon Bill English

Minister of Finance

19 September 2013
Media Statement

NZ maintains steady economic growth

New Zealand’s economy continues to grow steadily, maintaining one of the higher annual growth rates in the OECD, Finance Minister Bill English says.

As expected, the severe drought earlier this year slowed economic growth in the June quarter, with statistics out today showing gross domestic product grew 0.2  per cent in the three months to June 30.

However, annual growth – from the June quarter 2012 to the June quarter 2013 – remained relatively strong at 2.5 per cent. This compares with growth over the same period of 2.6 per cent in Australia, 1.6 per cent in the US, 1.4 per cent in Canada, 1.3 per cent in Japan, 1.5 per cent in the UK and -0.5 per cent in the Euro area.

“It’s pleasing that despite the worst drought in 70 years, New Zealand still achieved one of the higher annual growth rates in the OECD,” Mr English says.

“While the June quarter was affected by a fall in agricultural production - down 6.4 per cent - growing conditions since then have been good, business and consumer confidence have been high and the Canterbury rebuild continues apace.

“All these factors mean that we can anticipate relatively strong growth resuming in the September quarter. As the Reserve Bank Governor has noted, New Zealand is one of the fastest growing economies in the developed world and that growth is expected to be maintained, and become more broadly based over the next couple of years.

“However, real risks and challenges remain in the global economy, especially for our most important trading partners. Today’s GDP result demonstrates the importance of the Government sticking with its proven policies aimed at keeping tight control of its spending, reducing the need for borrowing, and encouraging the job growth that in turn supports New Zealand families.” 

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Parliament Today:

Werewolf: The Defence Pretence

Last year, the world began spending more money on weapons again, for the first time since 2011... New Zealand belongs to a region – Asia and Oceania – where military spending rose sharply in 2015, by 5.4 per cent. More>>

ALSO:

Gordon Campbell: On Not Crying Foul, Argentina

So a couple of guys found to be criminally liable of environmental pollution in Argentina lodge an application with the Overseas Investment Office… in order to buy some prime New Zealand rural land. Seems that their factory back home had carelessly and/or intentionally discharged toxic waste into the Lujan river. Bummer... More>>

ALSO:

Urban & Rural: $303m To Merge And Modernise New Zealand’s Fire Services

Internal Affairs Minister Peter Dunne today announced funding of $303 million over five years to combine urban and rural fire services into one organisation from mid-2017. More>>

ALSO:

High Trust Regime: What Did The PM Tell His Lawyer About Foreign Trusts?

The Government stopped the IRD from reviewing New Zealand foreign trusts shortly after the Prime Minister’s lawyer wrote to the Revenue Minister claiming John Key had promised him the regime would not be changed. More>>

ALSO:

Road Crime: Wicked Campers Vans Classified As Objectionable

The definition of publication includes any "thing that has printed or impressed upon it, or otherwise shown upon it, 1 or more (or a combination of 1 or more) images, representations, signs, statements, or words", The Classification Office has previously classified such 'things' as billboards, t-shirts, and even a drink can. This is the first time the Classification Office has classified a vehicle. More>>

ALSO:

'When New' Repairs: Landmark EQC Settlement

The Earthquake Commission has cut a deal with 98 Canterbury homeowners that affirms the government entity's responsibility to repair earthquake-damaged property to a 'when new' state, as well as covering repairs for undamaged parts of a property and clarifying its position on cash settlement calculations. More>>

ALSO:

Gordon Campbell: On Kiwirail’s Latest Stint In The Dogbox

The denigration of Kiwirail continues. The latest review (based on a 2014 assessment) of the options facing the company have enabled Kiwirail to be hung out to dry once again as a liability and burden on the taxpayer. More>>

ALSO:

Royal Society Report: Good Opportunities To Act Now On Climate Change

There are many actions New Zealand can and should take now to reduce the threat of climate change and transition to a low-carbon economy, a report released today by the Royal Society of New Zealand finds... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news