Parliament

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

 

NZ Economy Remains Resilient In Face Of COVID Impacts

Hon Grant Robertson

Minister of Finance

Today’s GDP figures show the economy remains resilient and among the best in the world despite the impact of the COVID-19 pandemic, and reinforces the steps the government has taken to support the economy and secure the recovery, Grant Robertson said.

GDP declined 1 percent in the last three months of 2020, following a 13.9 percent jump in the September quarter and 11 percent fall in the quarter before that.

“It is not surprising that these numbers are jumping around. The world is dealing with the ongoing impact of COVID-19 and there will be volatility for some time,” Grant Robertson said.

“New Zealand had an extremely strong bounce-back in the September quarter and some of that has evened out in the December quarter.”

The economy was 0.9 percent below where it was in the December quarter last year.

“Nevertheless, we outperformed the countries we compare ourselves to on this measure.”

Australia dropped by 1.1 percent, United States by 2.4 percent, the United Kingdom by 7.8 percent and Japan by 1.3 percent.

“There is also a lot of volatility within sectors in the economy. For example, on these measures construction declined in the quarter but activity remains at historically high levels,” Grant Robertson said.

These figures show that the overall all size of the economy was $322 billion in 2020. This compares favourably with December’s Half Year Economic and Fiscal Update forecast of $307 billion.

“Our economy remains strong. We will stick to our plan that has successfully helped New Zealand through this pandemic, keeping New Zealanders safe, accelerating the recovery and dealing with complex and long-standing issues such as climate change, housing affordability and child poverty. We will keep working with sectors who are still facing the impacts of COVID to support them to recover and rebuild,” Grant Robertson said.

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Erebus Memorial In Parnell

Social media can be a wonderful tool for bringing people together in a common cause. It can also be a seedbed and spreader of mis-information on a community-wide scale. To which category do the protests against the siting of an Erebus memorial (to the 257 New Zealanders who died in that tragedy) in a secluded corner of a Parnell park happen to belong? IMO, it is clearly the latter, and the reasons for thinking so are explained below... More>>

 

National: Proposed Hate Speech Laws A Step Too Far

Reports of the Government’s proposed new hate speech laws go a step too far and risk sacrificing the freedoms New Zealanders enjoy, National’s Justice spokesperson Simon Bridges says. “The reforms are supposedly including protections to every ... More>>

ALSO:

Agriculture: Government To Phase Out Live Exports By Sea

The Government has announced that the export of livestock by sea will cease following a transition period of up to two years, said Agriculture Minister Damien O’Connor. “At the heart of our decision is upholding New Zealand’s reputation for high ... More>>

ALSO:

Norman Gemmell: New Zealand’s New Housing Policy Is Really Just A New Tax Package — And It’s A Shambles

Norman Gemmell , Te Herenga Waka — Victoria University of Wellington Economists like to talk about “optimal policy instruments” — essentially, policies that achieve their objectives more effectively or efficiently than the alternatives, and ... More>>

Claire Breen: ACC’s Policy Of Not Covering Birth Injuries Is One More Sign The System Is Overdue For Reform

Claire Breen , University of Waikato Recent media coverage of women not being able to get treatment for birth injuries highlights yet another example of gender bias in healthcare in New Zealand. More>>

Police: Police Accept Findings Of IPCA Report Into Photographs Taken At Checkpoint

Police accept the findings of a report by the Independent Police Conduct Authority (IPCA) relating to photographs taken at a checkpoint in Northland. On November 16, 2019, Police set up a checkpoint down the road from a fight night event in Ruakaka ... More>>

ALSO:

Health: Drug-Testing Law To Be Made Permanent

Interim legislation that is already proving to keep people safer from drugs will be made permanent, Health Minister Andrew Little says. More>>

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels