Highest annual GDP growth for 10 years

19/09/2014

Another reason to vote National for strong, stable government and a growing economy:

New Zealand continues to enjoy one of the fastest-growing economies in the developed world, confirming that the Government’s sensible economic programme is taking New Zealand in the right direction, Finance Minister Bill English says.

“It’s only through a strong economy that we can provide New Zealanders with new jobs, higher incomes and opportunities to get ahead,” he says. “The Government’s economic programme is successfully delivering those things and families can now look forward to the future with some confidence if we stick with that programme.”

Statistics New Zealand today reported gross domestic product expanded by 0.7 per cent in the June quarter. This took annual growth – from the June quarter 2013 to the June quarter 2014 – to 3.9 per cent – the highest growth rate for 10 years and the highest so far reported by OECD countries. Average annual growth was 3.5 per cent.

Mr English says New Zealand’s challenge is to build on the solid foundations provided by the growing economy.

“It’s pleasing to see the good progress we have made as a country over the past few years. The economy is growing, the Government’s books are on track to surplus and another 83,000 jobs have been created in the past year. But one or two years of growth will not change New Zealand’s economic prosperity. We need to stay on course to really lift our long-term economic performance.”

Growth in the latest quarter was driven by construction activity, up 2.2 per cent, business services, up 4.2 per cent, and retail trade and accommodation, up 1.4 per cent.

New Zealand’s 3.9 per cent GDP growth in the year to June compares with 3.1 per cent in Australia, 3.2 per cent in the United Kingdom, 2.5 per cent in the United States, 2.5 per cent in Canada, no growth in Japan and 1.3 per cent in Germany. Average growth across the OECD was 1.9 per cent.

National is delivering one of the strongest growth rates in the developed world. Party Vote National to keep the economy strong. #Working4NZ ntnl.org.nz/1wtJgA2


Stats NZ’s basket follows food fashion

27/08/2011

Additions and subtractions from the basket of goods Statistics NZ uses to compile its food price index reflect changing fashions in eating habits.

1993:  grapes, frozen mixed vegetables, mussels, over the counter milk, infant formula and ethnic meals were added;  Brussels sprouts, frozen beans, canned meat (corned beef) canned sardines, rolled oats and white pepper were removed.

1999: avocado, alfalfa sprouts, capsicum, taro, fresh pasta and energy drinks replaced delivered milk, milk powder, quiche and baked potatoes.

2002: instant noodles and olive oil appeared and soya bean cooking oil went.

2006: spring onions, canned soup, soy sauce, dried herbs, ground coffee,  bottled water and complete frozen meals were added;  Worcestershire sauce, pepper corns, soup powder and takeaway soup were removed.

2008: fresh pineapple, cooked chicken, soy milk, free range eggs, hummus dip and chilled fruit juice were added in place of fresh peaches, saveloys and condensed milk.

2011: dried apricots, frozen berries, frozen chicken nuggets and flatbread were added and nothing was taken out.

The next review will be carried out in 2014.

Information for the FPI review came from a survey of about 3,100 households, from food manufacturers and distributors and supermarket scan data from the Nielsen Company.


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