Parliament

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

Gordon Campbell: On The Budget

It may seem like Oliver to be so bold as to ask the Finance Minister for more gruel – but what the Dickens, Steven Joyce… is this Budget really as good as it gets?

Supposedly, the public was going to receive significant rewards – an election year lolly scramble no less – for the eight years of belt tightening that they’ve endured, and for the rundown of essential public services.

Well, what Budget 2017 delivered instead in Education and in Health were allocations barely sufficient to maintain the current levels of service delivery More>>

Scoop Full Coverage: of Budget Announcements & Reaction
Latest: Scoop Search

 
 

Auditor-General Stands Down For Investigation: Gordon Campbell On (Not) Taking Responsibility

So Martin Matthews, our current Auditor-General wishes he could have detected “earlier” the fraud that occurred on his watch at the Ministry of Transport. Hmmm. But he could have detected it earlier, surely? That’s the point. More>>

ALSO:

NGOs Pleased: Govt To Halt Collection Of Client Data

Brenda Pilott, the chair of ComVoices and national manager of Social Service Providers Aotearoa, congratulates the government on its decision to call a halt to the collection of individual client data until the concerns of not-for-profit service providers have been worked through. More>>

ALSO:

Gosh: Blasphemy Law Repeal Struck Down

Chris Hipkins, the MP who tabled a Supplementary Order Paper to add our Blasphemy Law to the Statutes Repeal Bill, said this was a "sad day for freedom of speech, tolerance, and leadership". More>>

ALSO:

Gordon Campbell: On The Navy’s Dealings With Fat Leonard, And Twin Peaks

At an official level, our “she’ll be right” attitude routinely spills over into a keen resentment of anyone who suggests the outcomes may be less than satisfactory… The Navy has now gone one step beyond. It won’t even ask itself whether it did a good job. More>>

ALSO:

NZDF: Fifth Rotation Of Troops Heads To Iraq

The fifth rotation of New Zealand Defence Force troops left today for a six-month mission training Iraqi soldiers. More>>

ALSO:

Gordon Campbell: On The Demonising Of Iran

Will New Zealand still be willing to pursue its recent trade overtures to Iran, now that US President Donald Trump has used his speech in Riyadh to single out Iran as the main source of terrorism and instability in the Middle East? More>>

ALSO:

 
 
 
 

Opening The Election Supporters

 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election