New Zealand Economy Grows 0.3%

23 March 2012 04:00am - Mark Maffia

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New Zealand Economy Grows 0.3%

According to Statistics New Zealand, New Zealand’s economy grew just 0.3% in the last quarter of 2011. This figure is significantly below predictions of 0.6% growth, and means that the economy grew 1.4% in 2011, compared to the 1.5% seen in 2010. These results come after the New Zealand Institute of Economic Research’s released a quarterly survey further cutting growth expectations as the rebuild in Canterbury suffers from continued delays.

The Rugby World Cup in New Zealand last year helped the retail and hospitality sector grow 2.2% and good growing conditions saw agriculture sector grow 3.5%. Rachael Milicich, Statistics New Zealand’s national accounts manager said, “Growth in this quarter were driven by good growing conditions for agriculture, more business services, and spending on the Rugby World Cup.” She added though, “However, weaker manufacturing compared with last quarter dragged the overall result down.” The manufacturing sector shrank 2.5% in the December quarter, following an expansion of 2.2% in the previous quarter.

Finance Minister Bill English said, “Compared to a lot of other countries, we’re still in pretty good shape,” particularly as the economy had grown in 10 of the past 11 quarters.


Related Links:
• Statistics New Zealand
GDP: December 2011 quarter
• Related News
Economists Cut Growth Predictions
• The Treasury
The New Zealand Treasury
• Economic Calendar
For scheduled economic events


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