Economic Growth Softens in New Zealand
October 6, 2015 New Zealand Finance
Weakening economic conditions in New Zealand and around the world have led to a slow down in economic growth over the course of 2015.
Economic growth in New Zealand over the June quarter has been lower than expected, with GDP growth only reaching 0.4 percent, according to a new statement issued on October 6th by the Treasury of New Zealand.
The weak GDP growth has been attributed to a slow-down in underlying economic activity, being further reflected in rising unemployment rates and weak levels of inflation in non-tradables.
The 0.4 percent GDP growth follows a GDP growth of only 0.2 percent in the March quarter.
Looking forward to the rest of 2015, the Treasury expects that over the rest of the year the GDP growth will be approximately 0.6 percent a quarter, culminating in a annual GDP growth level of 2.5 percent.
The overall fall in projected economic growth is further backed by a recent fall in both consumer confidence and business confidence, and several bouts of economic and market turbulence seen among New Zealand’s key trading partners.
Photo By: Summer Skyes 11