Parliament

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

 

GDP underlines importance of economic focus

Hon Steven Joyce

Minister of Finance
15 June 2017

GDP underlines importance of economic focus

GDP figures out this morning are a reminder of the importance of focusing on policies that create and sustain economic growth, Finance Minister Steven Joyce says.

New Zealand's GDP grew a slightly lower than expected 0.5 per cent in the March quarter, taking New Zealand's growth rate for the year to 3.0 per cent.

"Moderate GDP growth over the last six months is a reminder that every economic gain is hard-won in what is still a challenging international environment,” Mr Joyce says.

"This is not the time to rest on our laurels and start considering policies that would damage growth in key sectors or across the economy."

Growth in the quarter was across 11 of 16 industries, including:

• Agriculture, forestry and fishing (up 2.8 per cent)
• Manufacturing (up 1.0 per cent)
• Retail, trade and accommodation (up 1.8 per cent)
• Healthcare and residential care (up 1.6 per cent)

These were partially offset by weaker growth in the transport and construction sectors.

“Construction fell in the quarter, by 2.1 per cent, but the annual construction figure increased by 9.3 per cent for the year ending March 2017,” Mr Joyce says. “These figures move around from quarter to quarter, but we remain in one of the biggest building booms New Zealand has ever seen.”

Today’s GDP figures followed on from the release of New Zealand's external accounts for the March year yesterday, which showed a current account deficit of 3.1 per cent, which is the same as the March 2016 year.

"The international liability position – a measure of our indebtedness to the rest of the world – is down again to 58.5 per cent of GDP, compared to over 80 per cent when the current government came into office," Mr Joyce says.

"The improving external accounts show the benefit of a strong economic plan that delivers steadily improving economic results relative to the rest of the developed world.

"The Government will continue to take the right steps to encourage businesses to invest and grow more jobs for New Zealanders."

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Fallout From The Barclay Tape

This is hardly a case of cleaning out your desk and being turfed out onto the pavement.

As others have pointed out, the disgraced Clutha-Southland MP will remain on the public payroll for three months until the election, and for three months afterwards. More>>

 

Ombudsman: Canterbury Schools Reorganisation Mishandled

An investigation into the Canterbury schools reorganisation after the February 2011 earthquakes has found significant gaps and flaws in the Ministry’s engagement and communications with schools and communities. More>>

ALSO:

Law Commission: Contempt Report "Protects Right To Fair Trial"

The proposed Act limits what news media representatives and bloggers can report on court proceedings, but it also makes clearer than the current law where the line is between contempt and freedom of expression. More>>

ALSO:

Gordon Campbell: On Our Refugee Intake (And Uber’s Woes)

On figures released this week, there are currently 65.6 million people worldwide who have been displaced from their homes by war, famine or other external causes… More>>

ALSO:

IGIS Report: GCSB Support For Groser WTO Bid Not Illegal

“The inquiry has found that the GCSB did not act unlawfully or improperly in providing assistance to the New Zealand government campaign”, Ms Gwyn said. More>>

ALSO:

PM's Press Conference: Pike And Houses

There were questions on Pike River mine re-entry after new video from inside the drift was released over the weekend. English maintained a human effort would not be feasible irrespective of any future coalition demands from NZ First. He said the government would continue to work with families on non-manned re-entry. More>>

ALSO:

Flogging A Dead Horse: NZ First Seeks New s59 Referendum

10 years on from the so called “anti-smacking” law - NZ First calls for a binding referendum. NZ First MP Tracey Martin told TVNZ’s Q+A programme that the law change has had a “chilling effect” on NZ parents including herself. More>>

ALSO:

Always Interesting: Internet Party Has New Leader

The Internet Party has a new leader: Suzie Dawson... She currently resides in Moscow, Russia, where she has applied for temporary asylum due to severe persecution she reports being subjected to by those whose corruption she worked to expose.More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election
 
 
 
  • PublicAddress
  • Pundit
  • Kiwiblog
More RSS News Alerts