New Zealand GDP Grows 0.6 Percent

June 24, 2010 New Zealand Finance

IMG_9342The New Zealand Government has reported a fourth quarter of Gross Domestic Product (GDP) growth for the economy, but emphases the need to ensure sustainability.

On June 24th the New Zealand Government released a statement announcing a GDP growth figure of 0.6 percent for the March quarter. Additionally, the Government revised its growth estimates for the December quarter, from 0.8 percent to 0.9 percent. Bill English, Finance Minister of New Zealand, commented on the economic results, saying, “The continuing recovery is good news. A growing economy is the only way to create new jobs and raise New Zealanders’ living standards.”

The growth was reportedly led by an outstanding rebound and expansion of the manufacturing industry. Bill English claimed that the Government has implemented numerous economic policies to ensure sustained national growth, and the latest results are proof of their effect. Throughout the next four years the Government expects the policies to result in the creation of an additional 170 000 jobs.

Bill English continued too say that the only way to see continued growth is for appropriate support to be given to New Zealand exporters, increase the number of national jobs, lift business confidence, and raise effective national income levels. The Finance Minister urged caution in the face of the economically fragile world environment and endorsed a restraint in Governmental expenditures.

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