New Zealand Economy Grew 1.1% In 2011 Not 1.4%

15 May 2012 10:30am - Mark Maffia

Email Article Print Article

New Zealand Economy Grew 1.1% In 2011 Not 1.4%

Statistics New Zealand said today that News Zealand’s economic growth was actually slower than previously thought during 2011. While economic activity still grew 0.3% in the last quarter of last year, activity for the whole year increased 1.1% and not a previous calculation of 1.4% the statistics agency said. The new calculation provides a more detailed breakdown of services industries making it easier to compare New Zealand against other countries. Statistics New Zealand said gross domestic product data from the June 1987 quarter to the December 2011 quarter has been updated to incorporate the new industry classification to better represent the current economy.

Westpac economists have said that the changes meant their understanding of New Zealand’s recent economic history had been recent. They said the revisions were probably negative for the inflation outlook and negative for monetary policy. Dominick Stephens, Westpac chief economist said, “However, it is difficult to tell exactly how the Reserve Bank will react.” He added, “The best we can say at this point is the uncertainty around the Reserve Bank’s June monetary policy statement has increased considerably.” September 2011 quarterly GDP growth is now estimated as 0.2 per cent, rather than 0.7 per cent. "It is now clear that the recovery has been slow and that economic activity is still around the 2007 level," he said. "The recovery in private consumption and private investment now looks slower," Stephens said.


Related Links:
• Statistics New Zealand
GDP: December 2011 Quarter (new classification)
• Reserve Bank of New Zealand
New Zealand's Central Bank
• Latest News
Regular News Updates


Compare Foreign Exchange and Currency >>

Compare Loan and Debt Products >>

Compare Cards Products >>

Compare Money Products >>

Compare Insurance Products >>

We are always looking at simpler ways of controlling our day to day spending , Transaction accounts are the simplest way this can be done .
30 August 2016
Which Way To Pay
As we all want to keep on top of our financial situation , Transaction accounts can do this for you .
Having the stress of money worries hanging over you day in day out is very stressful. Thats why Bad Credit loans could be your answer.
08 August 2015
Which Way To Pay
When it comes to keep being refused by banks and lenders for a solution to clear your debt once and for all . Bad Credit Loans are there to help.
When spending on your reward credit card , many different benefits whilst using this.
14 May 2015
Which Way To Pay
Make sure you get all the rewards you are entitled to with your Rewards Credit Cards.