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

Teina Pora Wins Appeal: Gordon Campbell On The Privy Council Decision

The quashing of the convictions of Teina Pora for the rape and murder of Susan Burdett in 1992 has shone a spotlight once again on a major gap in the New Zealand justice system.

To all intents and purposes, access by New Zealanders to the Privy Council has now been closed. Yet the number of times in recent years when the Privy Council has quashed the findings of New Zealand courts has demonstrated that we are regularly
(a) jailing the wrong person or
(b) arriving at guilty verdicts on grounds sufficiently flawed as to raise serious doubts that a miscarriage of justice has occurred. More>>

 

PARLIAMENT TODAY:

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. More>>

ALSO:

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:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news