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

 


Growth picks up to 3.8 per cent in March year

Growth picks up to 3.8 per cent in March year


Economic growth picked up to 3.8 per cent in the year to 31 March, providing further evidence that the Government’s economic programme is taking New Zealand in the right direction, Finance Minister Bill English says.

Statistics New Zealand today reported gross domestic product expanded by 1.0 per cent in the March quarter – the third consecutive quarter of 1 per cent or more growth.

This took annual growth – from the March quarter 2013 to the March quarter 2014 - to 3.8 per cent – the third highest annual growth in the OECD. Average annual growth was 3.3 per cent.

“This is the latest in a run of encouraging economic indicators,” Mr English says. “Our challenge is to ensure this growth continues over the long term, because that’s the best way to deliver more jobs and higher incomes for New Zealanders.”

“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 continue to translate into real opportunities and progress for New Zealanders and their families.”

The solid growth was widespread across the economy in the March quarter.
Construction made the largest contribution, with mining, agriculture, retail trade and accommodation also making positive contributions.

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

New Zealand’s 3.8 per cent annual GDP growth was strong by the standards of other developed countries. It compares with 3.5 per cent in Australia, 3.1 per cent in the United Kingdom, 2.0 per cent in the United States, 2.2 per cent in Canada, 2.8 per cent in Japan and the Euro area 0.9 per cent. Average growth across the OECD is 2.1 per cent.

“We are making good progress but our long-term challenge is to make the enduring structural changes needed for New Zealand to reach its economic potential,” Mr English says.

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

Arming Police: Frontline Police To Routinely Carry Tasers

"In making the decision, the Police executive has considered almost five years worth of 'use of force' data… It consistently shows that the Taser is one of the least injury-causing tactical options available when compared with other options, with a subject injury rate of just over one per cent for all deployments." More>>

ALSO:

Gordon Campbell: On D-Day For Dairy At The TPP

While New Zealand may feel flattered at being called “the Saudi Arabia of milk” it would be more accurate to regard us as the suicide bombers of free trade. More>>

ALSO:

Leaked Letter: Severe Restrictions on State Owned Enterprises

Even an SOE that exists to fulfil a public function neglected by the market or which is a natural monopoly would nevertheless be forced to act "on the basis of commercial considerations" and would be prohibited from discriminating in favour of local businesses in purchases and sales. Foreign companies would be given standing to sue SOEs in domestic courts for perceived departures from the strictures of the TPP... More>>

ALSO:

"Gutted" Safety Bill: Time To Listen To Workplace Victims’ Families

Labour has listened to the families of whose loved ones have been killed at work and calls on other political parties to back its proposals to make workplaces safer and prevent unnecessary deaths on the job. More>>

ALSO:

Regulators: Govt To ‘Crowd-Source’ Regulatory Advice

A wide-ranging set of reforms is to be implemented to shake up the way New Zealand government agencies develop, write and implement regulations. More>>

ALSO:

Board Appointments: Some Minister Appoint Less The 3 In 10 Women

“It’s 2015 not 1915: Ministers who appoint less than 3 in 10 women to their boards must do better, they have no excuse but to do better,” said Dr Blue. More>>

Gordon Campbell: On The 1990s Retro Proposals For Our Health System

As we learned yesterday, the reviews propose that the democratically elected representation on DHBs should be reduced, such that community wishes will be able to be over-ridden by political appointees. In today’s revelations, the reviews also propose a return to the destructive competitive health model of the 1990s. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news