Scoop has an Ethical Paywall
License needed for work use Register

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


Strong Export Boost As NZ Economy Turns Corner

Hon Grant Robertson

Minister of Finance

An export boost is supporting New Zealand’s economy to grow, adding to signs that the economy has turned a corner and is on a stronger footing as we rebuild from Cyclone Gabrielle and lock in the benefits of multiple new trade deals, Finance Minister Grant Robertson says.

“The economy is continuing to show its durability in an uncertain global environment, with the current account deficit narrowing further thanks to stronger exports of kiwifruit and dairy products and the return of overseas visitors adding to export receipts,” Grant Robertson said.

The current account deficit, which is a broad measure of what the country earns and spends internationally, narrowed to 7.5 percent of GDP in the June year compared with 8.2 percent of GDP in March.

“This is a positive result and is better than the 8.1 percent of GDP that Treasury had forecast in the Pre-election Fiscal and Economic Update,” Grant Robertson said.

“The economy has turned a corner and the narrowing deficit helps protect New Zealand in what is a deteriorating global economy.

“The improvement was due to a goods exports surplus of $442 million in the June quarter, driven by increases in kiwifruit and dairy products. The return of greater numbers of overseas visitors is also boosting incomes in the tourism, accommodation, and hospitality sectors.

“New Zealand’s net international liability position stood at 47.8 percent of GDP in June, which was below the 49.9 percent of GDP forecast in PREFU. The current Government inherited net international liabilities above 50 percent of GDP in 2017. To get through the pandemic with our net international liabilities remaining lower than ‘the rockstar years’ shows strong economic and fiscal management through tough times.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

“We know recent years have been tough for many working New Zealanders. But as the economy hits a turning point, the outlook is positive. The Treasury is forecasting average annual growth of 2.6 percent over the next four years, 100,000-plus extra jobs, and wages to outpace inflation, taking pressure off the cost of living for households.

“We are continuing to invest in an export led economy that delivers higher wage jobs. Free trade agreements now cover almost three quarters of New Zealand’s exports, up from less than half six years ago – we are seeing the benefits of these deals flow through.”

© Scoop Media

Advertisement - scroll to continue reading
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Skewed Media Coverage Of Gaza

Now that he’s back as Foreign Minister, maybe Winston Peters should start reading the MFAT website which is currently celebrating the 25th anniversary of how Kiwis alerted the rest of the world to the genocide in Rwanda. How times have changed ...

In 2023, the government is clutching its pearls because senior Labour MP Damien O’Connor has dared suggest that Gaza’s civilian population are also victims of what amounts to genocide... More

Scoop Post Election Podcast: River Of Freedom Review

After reviewing River of Freedom, a documentary about the Wellington parliamentary protest of 2022, the Scoop Political Podcast went into hibernation. Watched by potentially tens of thousands of voters in the weeks prior to Election 23, it was unlikely to have won any votes for Labour. With a new coalition Government now formed, it’s time to look at the impact it had... More

Govt: NZ Condemns Malicious Cyber Activity

New Zealand has joined the UK and other partners in condemning malicious cyber activity conducted by the Russian Government, Minister Judith Collins says... More

ACT: Call To Abolish Human Rights Commission

“The Human Rights Commission’s appointment of a second Chief Executive is just the latest example of a taxpayer-funded bureaucracy serving itself at the expense of delivery for New Zealanders,” says ACT MP Todd Stephenson... More

Environmental Defence Society: Briefings for Incoming Ministers

EDS examined the Government’s resource management, environment, climate change and oceans and fisheries policies in a recent Newsroom opinion piece. The BIMs take a deeper dive into each portfolio and set out EDS’s key asks of each Minister... More

Public Housing Futures: Christmas Comes Early For Landlords

New CTU analysis of the National & ACT coalition agreement has shown the cost of returning interest deductibility to landlords is an extra $900M on top of National’s original proposal. This is because it is going to be implemented earlier and faster, including retrospective rebates from April 2023... More




InfoPages News Channels


Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.