Growth but not enough of the sort we need
"The 0.7 percent gdp result
for the March quarter was in line with expectations and was
not sufficient to break even for the year," Labour finance
spokesperson Michael Cullen said today.
"Over the March
year, the economy contracted 0.2 percent under the twin
influences of the drought and the Asian crisis.
exports badly. In the March gdp figures, there are some
small but welcome signs of a return to life in the export
"But the export recovery is still patchy, and the
evidence suggests that import growth is continuing to
outstrip export growth with ominous implications for the
current account deficit, already at a 14-year high.
is the clear message from the more recent data supplied in
the May merchandise trade numbers, also released
"They show imports on a May 1998 to May 1999
comparison rose 9.9 percent while exports fell by an
estimated 3.2 percent," Dr Cullen said.
© Scoop Media
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