Source: New Zealand Government
Confirmation that the economy grew strongly in the third quarter of the year is welcome news before Christmas, Finance Minister Nicola Willis says.
Stats NZ reported today that the economy grew 1.1 per cent in the third quarter of the year.
“This growth was broad-based, occurring in 14 of the 16 sectors measured by Stats NZ,” Nicola Willis says.
“This is what healthy growth looks like. With all the indicators pointing to further growth in the final quarter of the year, Kiwis can go into Christmas confident the economy has finally turned the corner after a tough few years.
“Treasury and the Reserve Bank are forecasting growth to accelerate next year and unemployment to fall.
“The Government’s plan to fix the basics and build the future is working.”
Nicola Willis says she was particularly pleased to see growth of 2.2 per cent in the manufacturing sector, 1.7 per cent in construction, and 1.6 per cent for business services.
“These are job-rich sectors of the economy. Together with growth in exports of 3.3 per cent, and increased investment in residential buildings, plant and machinery, and transport equipment, this augurs well for future job prospects as well as higher incomes.
“It is also pleasing to see that gross domestic product (GDP) per capita rose 0.9 per cent in the three months to September.”
