The growth figures are up and National operatives will be in despair. Not only did the economy grow considerably faster than anticipated in the last quarter at 0.9% but the previous quarter’s figure has been resolved from -0.1% to 0%, a small but significant change.
From Liam Dann at the Herald:
The economy grew 0.9 per cent in the second quarter, keeping the country out of recession and exceeding expectations.
And GDP rose 3.2 per cent in the year ended June 2023.
Economists had forecast New Zealand would rebound back into growth in the second quarter of the year.
Estimates for June quarter GDP (gross domestic product) ranged from growth of 0.4 per cent to growth of 0.8 per cent.
But higher dairy, forestry, and meat exports helped drive the growth of 0.9 per cent in the second quarter.
“Business services was the biggest driver of economic growth this quarter, largely due to computer system design,” Stats NZ economic and environmental insights general manager Jason Attewell said.
Stats NZ today said manufacturing activity increased in the second quarter after five consecutive quarters of decline.
The rise reported today followed a flat (0 per cent) March 2023 quarter, revised up from -0.1 per cent, and a decline of 0.5 per cent in the December 2022 quarter (revised from -0.7 previously).
National is going to have to do an urgent review of its advertising. And one of its major planks, the lack of growth has been cruelly ripped away by reality,
I suspect that Grant Robertson is grinning from ear to ear …