Parliament

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

 

Growth figures too bouncy to bank on - Cullen

23 December 1999

Growth figures too bouncy to bank on - Cullen

"The latest GDP result showing 2.3 percent growth in the September quarter contains as much cause for concern than for celebration," Finance Minister Michael Cullen said today.

"Like the curate's egg, it is good only in part. The 7.3 percent lift in exports is welcome. But there is still no real sign that the gap between imports and exports is narrowing and - until that happens - we cannot claim to have a healthy economy.

"Over the year to September, exports grew only 5.2 percent while imports surged almost 9 percent. And the provisional overseas merchandise trade figures for November, which contain more recent data than the GDP numbers, point to continuing weakness in our balance of trade.

"They suggest a shortfall for the month of $795 million. This is significantly larger than the average November deficit during the 1990s of about $233 million.

"The 2.3 percent GDP figure follows a contraction in the June quarter of 0.3 percent. That is a huge movement between quarters and points to a high and unhealthy measure of volatility in the economic cycle," Dr Cullen said.

"This reinforces the Government?s view, expressed in the Speech from the Throne at the opening of Parliament on Monday, that we must put resources and energy into growing the export sector.

"The only way to improve the living standards of New Zealanders in a sustainable way is by increasing exports, particularly at the high value-added end of the spectrum. That will be a major thrust of our economic strategy," Dr Cullen said.

ENDS


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Politics Of Scaring Voters Back Into Line

Fear has always been a useful mobilising tool in politics… yet in 2017, bogeymen of all shapes and sizes seem to have fallen on hard times. For years, the National party had painted itself as being the only reliable defensive bastion against the terrifying prospect of a centre-left government…

In fact, the polls suggest that the public seems to quite like the new government, its Prime Minister, and its proposed plan of action. Somehow, even though a Labour/Greens/NZ First government is in power, the sun is still rising and setting, on time. More>>

 

Gordon Campbell: On Drinking Water As A Failure Of Political Leadership

It is almost possible to feel sorry for the Health Ministry in their terrible, no good, very bad week... More>>

ALSO:


Gordon Campbell: On Saying ‘Work For The Dole,’ Nicely

As New Zealand First learned the hard way from its two previous periods in government, small parties in MMP coalitions get blamed for the unpopular stuff done by their senior partner in power, but no one remembers the good stuff the junior player brought to the table... More>>

ALSO:

Seismic Blasting: Greenpeace Launches Legal Challenge Against Amazon Warrior

A legal challenge against the world’s largest seismic oil exploration ship was launched at a public rally on Parliament Lawn. More>>

ALSO:

Tertiary: 80,000 People Eligible For Fees Free

The Government has today made good on its 100-day promise of delivering the first year of fees-free post school training and education and industry training from 1 January next year, says Education Minister Chris Hipkins. More>>

ALSO:

PM's Presser: Rebuilding Cathedrals, Felling Trees

Prime Minister Jacinda Ardern attended the press conference today with Minister for Greater Christchurch Regeneration Dr Megan Woods to announce urgent legislation this week for the rebuilding of the Christ Church Cathedral. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages