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Halving of economic growth a worry

Grant Robertson
MP for Wellington Central
Finance spokesperson

MEDIA STATEMENT


16 March 2017

Halving of economic growth a worry

National’s failure to manage the economy for the long run has been exposed by the latest GDP figures which show the rate of growth halving in one quarter, says Labour’s Finance Spokesperson Grant Robertson

“GDP grew by only 0.4 per cent in the December quarter, down from 0.8 per cent in the previous quarter which should worry a Government that boasts all is rosy.

“The slow-down was widespread, being driven by falls in agriculture and manufacturing output. This lead to a four per cent fall in exports for the quarter.

“More worryingly, real GDP per capita fell 0.2 per cent from the September quarter showing that Kiwis are working harder and harder for less. A slump in productivity of this nature exposes National’s failure to build a resilient and adaptable economy.

“What this shows is that population growth, rather than improving productivity, is propping up the New Zealand economy.

“There were falls in eight of the 15 sectors of the economy measured by Statistics New Zealand – so much for Bill English’s rock star economy.

“New Zealand deserves better. After nine years, National has no plan, and is relying on continuing growth in tourism, construction and immigration. Only a Labour-led government will deliver real and sustainable economic growth, with a long-term plan for shared prosperity for all New Zealanders,” says Grant Robertson.

ends

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