Parliament

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

 

Economy grows by 3.1 per cent, on right track

Economy grows by 3.1 per cent, on right track

The economy continued to grow by more than 3 per cent in the year to 31 December, confirming that New Zealand remains on the right track under the Government’s economic programme, Finance Minister Bill English says.

Statistics New Zealand today reported gross domestic product expanded by 0.9 per cent in the December quarter and 2.1 per cent in the second half of 2013.

This took annual growth – from the December quarter 2012 to the December quarter 2013 - to 3.1 per cent. Average annual growth was 2.7 per cent.

“Providing we stick with the Government’s successful programme, New Zealanders can lock in the economic gains we’re starting to see through more jobs and higher incomes,” Mr English says.

“Business and consumer confidence remains high, manufacturing activity has been expanding for almost a year and a half and the current account deficit is less than half of what it was five or six years ago.

“However, we still have plenty of work ahead of us to ensure these positive indicators are translated into real opportunities and progress for New Zealanders and their families.”

The solid growth was widespread across the economy in the December quarter.

Manufacturing made the largest contribution to quarterly GDP growth, increasing by 2.1 per cent, taking overall manufacturing activity to its highest level since March 2006.

Wholesale trade, including machinery and equipment, increased 3.2 per cent in the quarter. Investment in plant, machinery and equipment was up by 7.5 per cent to its highest level since the series began.

“This confirms businesses are investing for the long-term to support productivity and higher wages,” Mr English says.

New Zealand’s 0.9 per cent quarterly GDP growth was strong by the standards of other developed countries. It compares with 0.6 per cent in the United States, 0.7 per cent in the United Kingdom and Canada, 0.8 per cent in Australia and 0.2 per cent in Japan.

“We are making good progress but we need to remain focused on making the enduring structural changes needed for New Zealand to reach its economic potential,” Mr English says.

“Now is certainly not the time to put all of this at risk with untried experiments such as going soft on inflation through changes to the Reserve Bank Act or reverting to big-spending and ineffective policies that have failed in the past.”
Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Greens' Response: Slum-Like Rentals Exposed In Renting Review

“With nearly half of New Zealanders renting, the grim findings of the review are a wakeup call about the true state of rentals in this country. Too many renters are festering in slum-like conditions under the thumb of landlords who have largely unchecked powers and ignore tenants’ complaints when it suits them,” said Green Party social housing spokesperson Marama Davidson. More>>

 

Gordon Campbell: On Labour’s Campaign Launch

One of the key motifs of Ardern’s speech was her repeated use of the phrase – “Now, what?” Cleverly, that looks like being Labour’s response to National’s ‘steady as it goes’ warning against not putting the economic ‘gains’ at risk. More>>

ALSO:

Lyndon Hood: Social Welfare, Explained

Speaking as someone who has seen better times and nowadays mostly operates by being really annoying and humiliating to deal with, I have some fellow feeling with the current system, so I’ll take this chance to set a few things straight.. More>>

ALSO:

Deregistered: Independent Board Decision On Family First

The Board considers that Family First has a purpose to promote its own particular views about marriage and the traditional family that cannot be determined to be for the public benefit in a way previously accepted as charitable... More>>

ALSO:

Transport Policies: Nats' New $10.5bn Roads Of National Significance

National is committing to the next generation of Roads of National Significance, National Party Transport Spokesperson Simon Bridges says. More>>

ALSO:

Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>

ALSO:

Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>

ALSO:

Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>

ALSO:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election